April 29, 2010

Rockdale market attracting premium prices

Leading south Sydney property firm Raine & Horne Rockdale is urging sellers to list their properties now to take advantage of a tight market caused by stock shortages.

Raine & Horne Rockdale proprietor George Kambouroglou said the Rockdale market was performing exceptionally well but said there were not enough listings to satisfy buyer demand.

“With the Reserve Bank of Australia putting a hold on interest rate rises one month and then putting them up the next, people are indecisive and are holding off listing their properties, so there is a real shortage in the market,” Mr Kambouroglou said.

“Demand for semis and freestanding homes means premium prices, while days on market can range from two days to a week.

“Semis are in the mid $500,000s and freestanding homes are $750,000 plus. The same properties two years ago would have been around $480,000 and mid $600,000s.

“If vendors are looking at selling in the next three years, now is the time because interest rate rises will see prices go down,” he said.

The Rockdale market was drawing buyers from across Sydney, Mr Kambouroglou said.

“We’ve had an influx of people from the Inner West, Eastern Suburbs and Hurstville areas,” he said.

A rising market was not the only cause for celebration at the Raine & Horne Rockdale office. The office earned three awards at the recent 2009 Raine & Horne NSW/ACT Chairman’s Awards, held at the Four Seasons Hotel, Sydney.

Mr Kambouroglou place ninth in the Top Salesperson category and was also elevated to the Chairman's Club, along with salesperson Sam Abbas.

Raine & Horne CEO Angus Raine commended the Rockdale team for its outstanding contribution and dedication to the property sector in the St George region.

“The team has capitalised on the area’s popularity and proximity to the Sydney CBD and airport. Additionally, the awards underline Raine & Horne Rockdale’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," Mr Raine said.

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 more information, contact George Kambouroglou, Raine & Horne Rockdale on 0422 421 111 or (02) 9599 9799.