Raine & Horne Muswellbrook celebrates 1-year anniversary as confidence increases in real estate market
Media release - 20th July, 2015
Raine & Horne Muswellbrook ended its first year of business on a high note with recent home sales and 30 properties for sale on its books.
“We feel that we’ve seen the worst of it, and buyer confidence is returning to the market thanks to the news that a number of mining expansions are in the pipeline,” says Mr Jupe.
“The number of vacant rental properties available is at the lowest that it has been for about two years, and because of this, investors are starting to look at property in our region again.”
Proving the most popular with investors are properties priced below $200,000, which can produce strong yields of around 6%, or sometimes even higher, according to Mr Jupe.
“I recently sold a property for $149,000 which has a tenant in place for $240 a week,” says Mr Jupe. This equates to a very strong gross rental yield of 8.4%.
“It’s not just investors showing increased interest either – first homeowners are starting to look into the market because they’ve realised that it probably is the bottom point of the market,” says Mr Jupe.
For around $250,000 homeowners can typically buy a 3-bedroom, 1-bathroom home with a lock-up garage.
“Prices are affordable in our region, there is plenty available and interest rates are low, so homeowners are starting to become active again.”
A good example of the type of properties attracting first homeowners is the 4-bedroom, 2-bathroom home at 20 Rutherford Rd, Muswellbrook, which Mr Jupe has recently sold.
The sale capped off a year of rapid growth for Raine & Horne Muswellbrook, which opened on 1 July 2014.
“Though sales were initially tough in a challenging market, as market confidence has picked up, Raine & Horne Muswellbrook now has excellent listings across all price ranges,” says Mr Jupe.
“With a growing rent roll, Raine & Horne Muswellbrook has also taken on the management of commercial and industrial properties.”
In just one year, Raine & Horne Muswellbrook has also extended its reach far beyond Muswellbrook.
Mr Jupe’s outlook on the future is bright. He cites the affordability of housing in the area, the pickup in business confidence, greater stability in the jobs market and the town’s proximity to major cities.
“With the new Hunter Expressway it’s only an hour and a half to Newcastle, and two and a half hours to Sydney if you have a good run,” says Mr Jupe. “And there’s been positive hype in the mining industry again, which is good.”
For further media information contact:
Grant Jupe, Principal, Raine & Horne Muswellbrook, on 0405 294 910
Andrew Harrington, National Communications Manager, Raine & Horne, on 02 9258 5400