Media release - 20^th November, 2012

Region undergoes sales purple patch

• Raine & Horne data reveals real estate sales for the St George region jumped 50% in the six months to the end of September 2012
• Raine & Horne offices in St George have also recorded average auction clearance rates of 84% for the year to date
• Upgraders are making their presence felt as lower interest rates and improved housing affordability drives buyer interest
• Average days on market for Raine & Horne Rockdale has fallen by 57%

It’s famous for its rugby league team, the Dragons, yet it’s the St George region’s real estate market that is on fire in 2012, with sales doubling between March and September.

According to the latest data from leading real estate group Raine & Horne, property sales for the St George region jumped a whopping 50% in the six months to September 30, 2012.

“These figures reveal a housing purple patch in Sydney’s south-eastern quadrant,” says Angus Raine, CEO Raine & Horne, a long-time advocate of the St George real estate market.

“Strong industry and infrastructure, affordable housing, along with proximity to the airport and the CBD have made St George a destination well worth considering.”

In Bardwell Park, Theo Samos, Principal of Raine & Horne Bardwell Park, says the improvement in property turnover across the St George region isn’t a surprise.

“The steady fall in interest rates over the course of 2012 has significantly improved borrowing affordability and confidence since January,” says Mr Samos, who adds that a boost in property stock levels, off the back of rallying market confidence, has encouraged many upgraders to take that next step up the property ladder in Bardwell Park.

“Home sales have dominated apartment sales this year with upgraders from strata-titled residences the most prominent buyers of houses in 2012,” says Mr Samos, who recently sold 33 Canonbury Grove, Bexley North, for $770,000 to upgraders.

“This three bedroom freestanding weatherboard home was sold prior to auction to a family shifting from an apartment complex.”

Upgraders are also bidding up Rockdale values says George Kambouroglou, Principal of Raine & Horne Rockdale, who adds any home valued under $700,000 is selling in record time.

“Raine & Horne Rockdale’s average days on market have plummeted by 57%, down from 23 days to just 10 days, and our auction clearance rates have consistently improved in the run up to the final quarter of 2012,” reveals Mr Kambouroglou.

In fact, statistics from Raine & Horne demonstrate that the St George region has maintained a healthy average auction clearance rate of 84% throughout 2012, a result Mr Kambouroglou attributes to low stock levels at the start of the year, plus improved buyer confidence.

“Properties were lean on the ground in the first half of 2012, and an oversupply of buyers this year has meant more hands are in the air on auction day,” explains Mr Kambouroglou.

To illustrate this point, Mr Kambouroglou recently sold 17 Bayview Street, Arncliffe under the hammer for $635,000, to a young couple upgrading from a unit in Miranda.

“This 337sqm, two bedroom brick home sold $63,000 above the expected reserve price after some spirited bidding.”

Indeed, ‘spirited bidding’ is a phenomenon fuelling the real estate market in Brighton-le-Sands.

For example, Nick Tringas, Principal at Raine & Horne Brighton-le-Sands, sold a tidy three bedroom home on 92 Francis Avenue, Brighton-le-Sands at a recent fiercely contested auction.

“We had two bidders duke it out for the chance to own this property,” says Mr Tringas.

“The bidding started at $760,000 and 26 bids later, the hammer fell for $906,500.”

Mr Tringas believes a similar auction result is possible for another three bedroom property, located at 80 Francis Avenue, Brighton-le-Sands, scheduled for auction on Saturday 24^th November.

“I wish I had more stock because everything is walking out the door at the moment for great prices,” adds Mr Tringas.

“The Brighton-le-Sands area is very family friendly with an abundance of schools, industry, shopping and a selection of water recreations.

“As a consequence, upgraders are moving to the St George region from suburbs such as Kensington and Kingsford in Sydney’s east, looking for a coastal lifestyle in a house that doesn’t have a heavy price tag.”

– ENDS –

For further media information contact:

Angus Raine, CEO Raine & Horne on 02 9258 5422 or 0409 920 697

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400