Media release - 6^th May, 2013

Buyers attracted to Lake Munmorah housing affordability

Raine & Horne opens new office at Lake Munmorah, the 13^th Raine & Horne office on NSW’s Central Coast
Buyer enquiry in the Lake Munmorah region up between 10%-15% compared to 12 months ago
Lake Munmorah market undervalued, representing excellent buying opportunities and investment yields

Raine & Horne has marked its 130^th year in operation with the launch of Raine & Horne Lake Munmorah, its 13^th office located on the NSW Central Coast, one of state’s fastest growing regions.

Raine & Horne Lake Munmorah, located at 99 Anita Avenue, Lake Munmorah, represents the culmination of a decision to merge the highly successful Susanne Wood Real Estate with the Raine & Horne brand.

According to Raine & Horne Lake Munmorah Principal, Susanne Wood, who started practicing real estate in Hunters Hill in 1982 before relocating to the Central Coast in 1986, the timing for the office opening couldn’t be better.

“Buyer enquiry is around 10% to 15% stronger than Autumn last year, and we just can’t keep up with buyer demand,” says Mrs Wood, who asserts that housing affordability is a major attraction of the Lake Munmorah property market.

To illustrate, Raine & Horne Lake Munmorah is selling a three-to-four bedroom, brick and tile home at 20 Rosemount Avenue, Lake Munmorah.

“It’s a quality home, built with high ceilings and ornate cornices, and is selling for just $359,000 and could lease for $380 a week,” says Mrs Wood.

“Given our proximity to Sydney, Newcastle and the Hunter Valley, its home sales like this which illustrate that Lake Munmorah is a significantly undervalued real estate market.”

Underpinning Lake Munmorah’s property potential, leading retailer Woolworths is set to open a new supermarket in October 2013.

“This is great news for Lake Munmorah, and shows major investment is occurring in a fast-growing area,” says Mrs Wood.

“There’s a belief that the Woolworths opening will push up real estate prices from October, and some homeowners are prepared to sit tight until then.

“The trouble is that if homeowners wait for October, which is in the middle of the traditional Spring selling period, they run the risk of increased competition from other sellers,” says Mrs Wood, who is urging committed homeowners to list now to take advantage of the robust demand for Lake Munmorah property.

As for the decision to merge with Raine & Horne, Mrs Wood cited the Superbrand’s strong market presence on the Central Coast and globally as a contributing factor.

“Not only will I be part of a 13-strong office network in the region, but through Raine & Horne’s unique global database, a home in Lake Munmorah can be marketed to buyers and investors across Australia, Asia Pacific, the Middle East and Europe,” says Mrs Wood.

Angus Raine, CEO of Raine, welcomed Mrs Wood and the team at Raine & Horne Lake Munmorah to the leading real estate network.

“Sue is a passionate supporter of the Lake Munmorah community and has links to many local groups, including the Catherine Hill Bay Surf Club.

“Sue and her well-established team have a thorough understanding of the real estate market in the Lake Munmorah region and will continue to provide their existing level of exemplary customer service in sales and property management.

“Raine & Horne Lake Munmorah will be an asset for real estate consumers on the Central Coast, while Sue’s real estate experience will also prove a great benefit to the Raine & Horne network and I can’t wait to work with her,” says Mr Raine.

-ENDS-

For further media information please contact:

Angus Raine, CEO, Raine & Horne Commercial on 0409 920 697

Susanne Wood, Principal, Raine & Horne Lake Munmorah on 0418 166 328

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

Raine & Horne launches 13th office on the Central Coast