Share on twitter Share on Google Plus by Michael Bleby A wave of consolidation is coming to Australia’s highly fragmented residential real estate market as the large number of agents who joined the industry in recent years find the end of the boom tough going.As fewer homes hit the market and prove harder to sell – particularly in Sydney and Melbourne where the boom was strongest – agencies with strong rental management businesses are emerging as the hunters.These usually larger agencies are able to borrow against their property management revenue streams to buy out rivals.Movement has begun with Sotheby’s Mornington Peninsula-based franchise buying its Melbourne parent. “I do think there is definitely opportunity for stronger firms to buy up,” says industry veteran Charles Tarbey. “A good time to grow your business is when everybody else is leaving it. The competition’s less and the opportunities are greater.” Advertisement It’s an industry that has boomed with the residential market. Over the five years to June 2017, the number of fully licensed real estate agents grew 53 per cent in NSW, to 26,737.Victoria saw a 25 per cent jump in numbers to 13,320 and Queensland a 23 per cent increase to 13,885, figures… Read full this story
- The CEO of real estate startup TripleMint answers 6 of your biggest questions about finding a new home in New York City
- Here’s what it’s like to buy a first home in San Francisco, one of the world’s most competitive real-estate markets
- Hackers target small real estate businesses
- Real estate startup Redfin is getting ready for an IPO
- Russia probably has more undercover ‘sleeper’ agents in the West now than during the Cold War
- Most promising estate deals for 2016
- The 8 best pieces of saving advice from real people who banked a fortune
- 11 things Hollywood gets wrong about being an FBI agent — and one thing it gets right
- Insiders say the 2017 ‘frenzy’ of media consolidation predicted by Vice’s CEO is about to arrive — here’s why
- These are the real faces behind every Disney princess
Real estate agents with renters in box seat as consolidation begins have 333 words, post on www.afr.com at June 29, 2018. This is cached page on Vietnam Colors. If you want remove this page, please contact us.