17 March 2010

Investors return to Cessnock market

A leading real estate proprietor says investors are returning to the Hunter Valley property market now that first home buyers have decided to take a breather.

Raine & Horne Cessnock's Robyne Cleaves said the first home buyer market had dropped off since the end of the First Home Owner Boost (FHOB) at the start of January.

“Investors have taken up the slack and are looking for cheap three-bedroom properties under $200,000 that need some work. Properties closer to the centre of Cessnock, near to all the town’s amenities are attracting the majority of investor attention,” Ms Cleaves said.

“This is quite good, because we’ve had a shortage of rentals. An investor we’d had on our database for a long time just bought five properties – and is giving them all to us to manage,” she said.

Developers have earmarked an area just outside Cessnock town centre for a subdivision of affordable house and land packages, which will open up this precinct for home buyers and investors.

“The developers have started building the infrastructure and will be giving half of the lots to us to market."

A solid investor market is not the only cause for celebration at the Raine & Horne Cessnock office. The office earned an award at the 2009 Raine & Horne NSW/ACT Chairman’s Awards, held at the Four Seasons Hotel, Sydney recently. Sales agent Michael Cleaves was elevated to the Chairman’s Awards.

Raine & Horne CEO Angus Raine commended Raine & Horne Cessnock for its outstanding contribution and dedication to the property sector in the Hunter Valley.

“The team at Raine & Horne Cessnock understands the importance of the investor market and positions its services accordingly. In addition, their award underlines Raine & Horne Cessnock’s consistent ability to remain true to its core business, which is achieving property sales and providing the very best property services to vendors and buyers.”

Raine & Horne is an iconic Australian property firm, with more than 400 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

For all your property needs contact Raine & Horne Cessnock on (02) 4990 5011.

For more media information, contact Robyne Cleaves on 0414 903 136.