HOUSING MARKET COMEBACK: SMS
Media Release - 2 November 2011
September data released Monday from industry source RP Data* indicates Australia’s housing market may be turning the corner. This coupled with yesterday’s announcement from the Reserve Bank of Australia of an 0.25 per cent interest rate cut is cause for quiet optimism. Leading player SMS Strata Management Group, based in Coffs Harbour and Ballina/Byron were buoyed by figures showing increases in national property values of +0.7 per cent over the first nine months of 2011.
“Yesterday’s Reserve Bank decision on interest rates was key, most of our clients - owner-occupiers and investors - are on a variable home loan rate,” said Colin Dennis, CEO of SMS Strata Management Group, a 40 year veteran of the real estate and property industry, both locally and in Sydney.
“The figures from RP Data show metropolitan rental yields are 5 per cent> and 4.3^ per cent for apartments and houses respectively. We are seeing comparable yields on the Far North Coast, a healthy result for our region.
“Happy strata clients are those who can see a positive return on their investment, whether they’re living in their property or they are landlords. Clients can then feel confident to reinvest in the property, carry out improvements, see better capital growth and rental yields and the cycle flows on,” he said.
SMS Strata Management Services now manages 650 properties and serves 4500 clients in the Coffs Harbour area alone.
Media Enquiries:
Karen Lewis
Strata Manager
02 6659 9600
* RP Data Rismark Home Value Index Released 31 October 2011
> Paragraph 8, Page 1 of above Report
^ Paragraph 8, Page 1 of above Report