Raine & Horne Marrickville still boxing after 25 years
- The median house price in Marrickville was approximately $90,000 in 1987 – today it’s around $740,000
- 25 years ago the median apartment price was approximately $50,000 – it’s nearer to $500,000 in 2012
- Since 1987, ‘days on market’ have been slashed by over 50%, from 60 days to 28 days
When Michael and Yvonne Smith launched Raine & Horne Marrickville in 1987, Marrickville was arguably best known as the home of Australian sporting great Jeff Fenech.
At the time, a three bedroom house was worth around $90,000, while two bedroom apartments were selling for $50,000, according to Raine & Horne Marrickville.
Fast forward 25 years, and the suburb, recently dubbed the ‘new Paddington’, is at the heart of Sydney’s inner west, and is arguably one of the most culturally diverse regions in Australia.
Furthermore, with average days on market of 28 days, Marrickville is also an extremely popular real estate market with buyers and investors.
“Marrickville earned the ‘new Paddington’ moniker due to the choice of quality homes in a variety of styles and price points, which are close to open spaces, great shopping and schools,” says Michael Smith, who confirms the median house price was approximately $740,000 in June 2012, while the median apartment price was around $500,000.
“There is also established infrastructure and reliable public transport, with the CBD only an average of seven kilometres away as the crow flies.
“Clearly more homebuyers and investors are recognising these attractive features, with days on market plummeting more than 50% since 1987,” said Mr Smith, who is a strong advocate of auction as a method for sale.
“The auction system is the only method that from the outset provides a property seller with more control of their home, which is their most valuable asset.
“Home owners have control of the contract conditions, the marketing and advertising, the inspections and property presentation, and most importantly, the timing of the sale and the negotiations,” says Mr Smith, who has achieved a 93% success rate for auction sales over the last two years at the firm’s City Fringe Auction Venue.
Apart from selling and managing homes, Michael and Yvonne Smith have provided employment for many inner west locals.
“In 1987 we employed a team of seven and now have a staff of 20 shared between Raine & Horne Marrickville and our commercial business, Raine & Horne Commercial South Sydney/Marrickville, which started trading in 2006,” says Yvonne Smith.
“Michael and my sons Luke and Nicholas Smith made the decision to set up a specialist commercial property agency to enable both expansion and a more skilled and knowledgeable team of consultants to assist their clients.
“As a result, Raine & Horne Commercial South Sydney/Marrickville now services a wide range of postcodes, from Rosebery to Bankstown and Kirrawee to Balmain.”
As for the decision to commit over a quarter of a century to the Raine & Horne brand, Michael and Yvonne Smith agree it’s been a no brainer.
“We actually started with Raine & Horne 29 years ago at the Earlwood office, before moving to Marrickville in 1987.
“The reasons for our long association are simple: Raine & Horne offered the credibility of a well-respected name that reflected an image of professional integrity, while their systems were industry best practice,” recalls Mr Smith, who was personally welcomed into the Raine & Horne fold by Max Raine.
“The good news is that all these years later, Raine & Horne remains a dynamic company that is always at the forefront of industry changes, which enables good real estate agents to run a profitable business no matter what the state of the market place.
“The team led by CEO Angus Raine is approachable and quick to reciprocate with assistance when required,” adds Mr Smith.
Likewise Michael Smith attributes the success and longevity of Raine & Horne Marrickville to stable ownership and management, a factor which has seen the firm consistently rank amongst Raine & Horne’s top 10 national offices for number and dollar value of property sales.
“We also have a desire to be the best in the way we develop our people and have a strong commitment to regular training and education and an unwavering adherence to the auction system,” says Mr Smith.
“Raine & Horne Marrickville might be a family business but within the business we are a team with everyone having their part to play.
Given his stellar career, Michael Smith is well placed to provide advice to those considering a career in residential property or establish a real estate office.
“Find an area you like where you have an affinity with the people who live there and never stop learning to increase your product knowledge and your skills.
“Be 100% committed and immerse yourself in the process of real estate sales and property management,” urges Mr Smith.