Raine & Horne has identified Beverly Hills and surrounding suburbs such as Roselands, Narwee, Penshurst and Hurstville as suburbs to watch in 2014.
According to experienced Beverly Hills agent Greg Davis, who recently launched Raine & Horne Beverly Hills, the region’s affordability and accessibility to the Sydney CBD make it a popular market with owner-occupiers and investors.
“Beverly Hills and Narwee have train stations that can deliver commuters to the CBD in just 15 to 20 minutes, while property prices in the 2209 postcode are significantly more affordable than suburbs a little closer to town,” says Mr Davis.
Mr Davis, for example, recently sold a tidy, three bedroom, full brick home in Beverly Hills for $880,000.
“Buy a two bedroom apartment in some Inner West suburbs and you won’t get much change from $880,000,” says Mr Davis.
Generally the housing market in the Beverly Hills region is driven by demand from owner-occupiers, while investors prefer apartments, according to Mr Davis.
However there are exceptions to the rule, with a house at 17a Denison Street, Penshurst recently selling to an investor for $750,000.
“The appeal of apartments can be traced to yields of 4 to 5 percent, compared to houses where 4 percent is a good result.
“That said, apartments in this region could grow in value by between 5 and 8 percent in 2014, while houses could see growth of 5 percent,” says Mr Davis, who predicts that Roselands will be a 2014 property hotspot.
To illustrate, Raine & Horne Beverly Hills recently sold a two bedroom cottage at 3 Bower Street, Roselands, which was marketed as offers over $640,000, but ended up selling for $735,000 after attracting significant buyer attention at the first open home.
“The property attracted 75 groups to the first open home and more than 40 contracts were requested by interested parties,” says Mr Davis.
“This time last year, we’d have been lucky to see 20 groups in total inspect a property such as this, which would have sold for about $580,000.”
Traditionally Roselands has been more affordable than Beverly Hills and Narwee as it doesn’t have its own railway station.
“Yet stations at nearby Wiley Park, Narwee, Lakemba and Punchbowl mean that residents don’t have to travel far to access the CityRail network,” says Mr Davis, who is tipping Roselands to potentially outperform other suburbs in the region this year, with values set to grow by at least 10 percent.
A 15-year veteran of the local real estate market, Mr Davis is thrilled by the opportunity to rebadge the Mason Property Group, located at 530 King Georges Road, Beverly Hills, as Raine & Horne Beverly Hills.
Mr Davis was employed as a sales agent by Mason Property Group for five years and bought the successful business from its former directors, with most of the Mason team continuing with Mr Davis under the Raine & Horne banner.
“As I am a first time business owner, I liked the opportunity to link with a household name like Raine & Horne,” says Mr Davis, whose due diligence included speaking to a number of real estate groups.
“I spoke to a couple of different franchises before I contacted Raine & Horne Business Support and Development Manager, Jennifer O’Brien.
“She was most helpful and even visited my home to discuss with myself and my wife Christina the prospect of signing with Raine & Horne.”
Mr Davis adds that Raine & Horne also delivers him immediate brand recognition in the very competitive Beverly Hills sales market.
“Linking with a brand such as Raine & Horne gives us the best chance of increasing our listings and in turn sales.”
Raine & Horne’s market-leading Global Database, which includes many hundreds of thousands of active real estate consumers, also caught the eye of Mr Davis.
“I like the fact that I can put an apartment in Hurstville in front of potential buyers in Hong Kong or market a house in Penshurst to buyers in Perth. This is the fabulous reach that only a global brand such as Raine & Horne can deliver.”
Angus Raine, Executive Chairman and CEO of Raine & Horne is delighted that an experienced campaigner such as Greg Davis has opted to join the network.
“Greg has more than 15 years’ experience in real estate in the St George region and we are pleased that he has chosen Raine & Horne to partner with him on the next leg of his real estate journey,” says Mr Raine.
“Affordability gives the Beverly Hills area a competitive edge, and we are delighted that we can raise the Raine & Horne flag in this growth corridor.
“Greg has also secured a business that comes with a very healthy rent roll, which will help underwrite the success of Raine & Horne Beverly Hills from day one.”