Raine & Horne and PriceFinder nominate winter Sydney hot spots

The colder winter months are here, but Raine & Horne CEO Angus Raine says there is still significant heat in select property pockets around Sydney.

“Listings in many Sydney suburbs are up since April and this is creating symmetry between buyer demand and supply,” Mr Raine said.

“This is maintaining robust prices in those locations with median prices typically above $800,000.”

PriceFinder chief operating officer Kent Lardner said that price growth in inner and medium ring suburbs with low vulnerability to unemployment were healthy.

“Suburbs such as Annandale, Bronte, Darlinghurst, Epping, Killara and Zetland have increased by an average of 7% over the last 12 months. Likewise rents in these suburbs are also up 4%, which is on par with CPI,” Mr Lardner said.

“These inner and medium ring suburbs were subdued during the global financial crisis and are now enjoying healthy growth.

“Leading performers include Bronte home units, which are up $100,000 over the last 12 months, while Killara houses have also jumped $100,000 over the same period.”

Mary Anne Cronin, licensee-in-charge of Raine & Horne Bondi Beach commented that Bronte Beach was a niche market.

“It’s a small suburb which has some fabulous homes. It’s also tightly held, so there is a shortage of properties for sale, which helps boost demand and prices,” Ms Cronin said.

“Units, in particular, have been in short supply. For instance units in a 1970s-style block in Belgrave Street, Bronte sold for around $600,000 two years ago. A similar unit in the same block recently sold for $880,000.

Ms Cronin also said apartments, unrenovated homes and single level semis were popular with buyers.

In Sydney’s north west, Raine & Horne Epping principal John Fry said excellent schools and public transport were underpinning local property prices.

Mr Fry nominated Cheltenham Girls and Epping Boys High, which educated Aussie Home Loan’s John Symond, Australian Olympic Committee president John Coates and rugby commentator Gordon Bray, as major schools attracting home buyers to Epping. “Macquarie University is also only a hop, step and jump away,” Mr Fry said.

“Epping is also a rail hub and commuters can take trains to Strathfield, Chatswood and Hornsby.

Mr Fry confirmed group numbers at open homes and enquiries had fallen slightly, but the number of motivated buyers for Epping homes was holding steady.

Named after Rum Rebel Lieutenant George Johnston’s Scottish birthplace, Annandale is one of Sydney’s truly historic suburbs and features some of the inner city’s most magnificent streetscapes such as Young, Annandale and Johnston streets.

Raine & Horne Annandale principal Vincent Montano said Annandale was a relatively small suburb that had traditionally enjoyed high clearance rates.

“Even with some recent apartment developments, it’s still tightly held with only around 3,500 properties in Annandale," Mr Montano said.

“We are also seeing good attendances at Annandale open homes and prices are steady and highly sought after homes are still attracting plenty of attention."

To help vendors achieve winning property sales this winter, Angus Raine said the organisation had introduced a new Global Database service, which enabled homeowners to match their property with buyers and investors anywhere in Australia.

“When a vendor chooses a Raine & Horne agent, the property details are matched immediately with potentially tens of thousands of Raine & Horne registered buyers around Australia,” Mr Raine.

“Ultimately, a successful sale involves spreading the word to as many motivated buyers and investors as possible. This is where Raine & Horne’s Global Database will be a big help to vendors this winter.”

To find out more about Global Database, contact your local Raine & Horne office.

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, Woolworthsand 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 further media information, contact Angus Raine, CEO Raine & Horne on 0409 920 697, Alana Drivas, Raine & Horne Marketing Communications on (02) 9258 5448, or Kevin Long on 0416 135 429.