Best Job Around

In recent years, commentary around local property markets
has bravely struck an optimistic tone despite the reality of the worst market
in a generation. This, in part, goes to our cultural vernacular, our collective
glass-half-full approach to most things.

In looking at the November results for Perth, Core Logic
revealed a moderate 0.4 per cent rise in home values across Perth. Commentators
grabbed that sliver of positivity and confidently proclaimed the bottom of the
market is here! They may well be right as just about every other important
economic indicator is pointing to market recovery. Record low interest rates,
improving employment figures, stronger population growth, rising rents, lower
vacancies, shortening housing supply, low housing construction and
commencements; all fundamental elements that should translate into higher
property prices.

The last time Perth had a positive monthly home value result
was late 2017, a time where similarly positive indicators were present. Enter
the Royal Commission into banking misconduct and that put an end to any
sustained recovery due to the resulting tightening of credit via more rigorous
lending standards. In the absence of a similar market shock, this time will be
different and if household spending improves along with underemployment,
Perth’s property market will have finally dragged itself off the canvas.

Those who work in the real estate industry have suffered as
a result of the market downturn. Sales transactions are at near thirty year
lows, prices have stagnated and average time-on-market is well above average.
Add in tough new employment laws making it harder to stay employed and many
sales agents and real estate offices have closed their doors over the past few
years.

As hard as this market has been, working in real estate remains
a wonderfully fulfilling, rewarding career. Being offered the opportunity to
sell someone’s family home is humbling. Families welcome you into their lives,
entrusting you with the keys to their most prized asset. Friendships are often formed
and enduring relationships cemented.

The trust afforded real estate practitioners by their
clients is a great privilege and quality agents never forget that as they
negotiate the best possible outcomes the market will bear.

Property management work is even harder. Inherently
reactionary to what is normally bad news (a tree has fallen on the house, the
tenant’s stopped paying rent, etc) property managers have to navigate managing
the dichotomous relationship of tenants and owners whilst following
prescriptive laws. Yet, they are a cheerful bunch, buoyed by working within a
team and delivering the good news of either “you’ve got the property” or “we’ve
got you a great tenant.”

Real Estate is a people business and in Freo, we’ve got
plenty of great people.