25 March 2010

Investors return to Wollongong property market

The Wollongong property market is enjoying an excellent start to 2010 as cashed up investors capitalise on strong demand for rental properties from university students.

Raine & Horne Wollongong proprietor Josh Kersten said the first home buyer market had dropped since the highs of mid 2009, but investors driven by strong rental yields had taken up the slack.

“Rents paid by university students have been up on the past two years and this is attracting savvy investors to Wollongong,” Mr Kersten said.

“Properties around $300,000 where good yields are still available are attracting the majority of investor interest, although any property under $450,000 is on the radar of investors.

“Leading the way have been the self managed superannuation funds. Many super funds missed out with the first home owner rush in 2009, so they have returned to the market this year.

Low stock and strong demand from University of Wollongong students had made the investor market thrive, he said.

“The free CBD shuttle does a circuit through the CBD and the university, and investors have been buying up properties along the route because students use it.

“Properties along the shuttle route sell quickly. To have the shuttle as a selling point has been the real clincher for investors. The university is still a major attraction and it really does drive property in Wollongong at the moment,” he said.

A solid investor market was not the only cause for celebration at the Raine & Horne Wollongong office. The office earned an award at the 2009 Raine & Horne NSW/ACT Chairman’s Awards, held at the Four Seasons Hotel, Sydney on Saturday 27 February 2010. Sales person Mary Dobie was elevated to the Chairman’s Club, a prestigious award which recognises Raine & Horne’s leading salespeople in 2009.

Raine & Horne CEO Angus Raine commended Raine & Horne Wollongong for its outstanding contribution and dedication to the property sector in the Illawarra.

"The team at Raine & Horne Wollongong understands the importance of the investor market and positions its services accordingly. In addition, their award underlines their consistent ability to remain true to their 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 370 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 Wollongong on (02) 4229 9600.

For more media information, contact Josh Kersten on 0419 991 500.