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Tom Ferry is considered to be a bit of a guru in real estate, but do you share the 8 traits that he says the best real estate agents in the world have?

Today’s read time: 3 minutes, 36 seconds

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MARKET SHIFT

Post-Covid, Aussies are increasingly moving back to the capital cities, despite the growing strain on infrastructure.

The Covid pandemic sparked a wave of lifestyle changes across Australia, as buyers traded city life for the tranquillity of regional areas. Working remotely from a scenic, remote destination was once the dream for many, but as the fear of the virus abates and workers are being called back into the office, new data from Openlot.com.au and the Australian Bureau of Statistics shows that the sea and tree change trend is on its way out.

Housing approvals on the way up in metro areas 

These sentiments align with the 2023-24 (FY24) housing approval data, which shows a sharp rise in metropolitan house approvals and declines in regional areas according to Qi Chen, CEO of Openlot.com.au. “Housing approvals growth was significantly faster in the capital city metro areas last year than in the regional areas. There’s a shift of gravity back to the big cities. The Covid-era dream of living in a tree change or sea change town has lost its lustre. People today want to live as close to the capital city as they can, while still having a house.”

Peter Li, general manager of Plus Agency, NSW, has observed this shift first hand, which has impacted developers and land prices.

“I’ve had a lot of calls from developers saying, ‘Oh, I should have bought so much regional land, and now I’m stuck with it.’ The demand isn’t there anymore.”

Where is the new housing? 

In Perth, new house approvals surged by 24.6%; Brisbane experienced an 8.8% rise in new house approvals and in Melbourne, new house approvals climbed by 2% In contrast, regional Victorian areas like Ballarat and Warrnambool experienced sharp drops, with Ballarat’s housing approvals down by 32.7% and Warrnambool by 24.5%. This pattern is repeated nationwide, as more Australians gravitate towards the major cities. Sydney and Adelaide both saw decreases in new housing approvals, but the declines in the cities were significantly smaller than in their surrounding regional areas.

Why is this sudden growth problematic? 

Mr Chen said the uneven distribution of housing development has raised concerns about infrastructure and he warned that the rapid pace of housing development in metro areas is outpacing infrastructure upgrades.

“In areas like this and Western Sydney, the infrastructure needs to catch up. Roads need more lanes. Schools need to be built ASAP. Childcare needs to be constructed. And even buses are lagging behind, and many areas don’t yet have a bus line,” he said.

ICYMI, yesterday we covered some tips on why the Right to Disconnect legislation shouldn’t affect your ability to maintain relationships with clients

SMART SNIPPETS

AI renovates your home virtually. If you've ever wondered how your home would look with a makeover, realestate.com.au has the perfect solution. They've launched an AI-powered room renovation tool that allows users to digitally restyle property images. The feature has already been used to reimagine over 500,000 property images in its first month. It's part of the portals push to personalise property searches and could revolutionise how Australians view potential homes.

Strata living gets a makeover. The NSW government is cracking down on dodgy strata agents with higher penalties for non-disclosure and a ban on secret insurance kickbacks. With 1.2 million people living in strata schemes, the reforms aim to boost confidence and transparency in apartment living.

Thinking about buying a rent roll? It’s a smart move that can give your business an immediate boost with steady cash flow, built-in clients, and quick diversification, but like any good investment, it’s important to approach it wisely. Tarsi Hynes talks to us about how informed decisions can turn a rent roll into a profitable addition to your business from day one.

SOUND WAVES

Advice for dealing with difficult personalities in the workplace

Today’s curated listed is about on dealing with difficult personalities in the workplace. Hey, we’ve all been there.

Read the original article from ABC here

AGENTS ON SOCIAL

This mansion could be straight out of a Taylor Swift music video. When selling property this fabulous, every camera angle is a winning shot (with or without a megastar). 🎥🤩

Seen an Agent On Social we should include? Let us know here (email link)

Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

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