NSW MARKET OVERVIEW
NEW SOUTH WALES
NSW Market Overview with Tim Jones How does the property market in (NSW) compare to other states at the moment and what are some key trends that are occurring?
Sellers are having to navigate unprecedented global economic conditions with pandemics, wars, inflation and most recently interest rates, provoking the media into spooking buyers. Who have been key investors over the last 18 months and have you seen a shift from previous years? We’ve probably seen an influx of cashed-up “Mum and Dad” type commercial investors and high net worth individuals and a slight downturn in the number of overseas and self-managed superfund investors due to a tightening of regulations in those sectors. What is your secret to achieving the exceptional results that you have? I consistently try to put myself in the shoes of the party that I’m dealing with, which definitely helps me understand where they’re coming from and what they’re trying to achieve. I’ve never been a pushy salesman either and I think most of the people that I deal with appreciate that about me. There is room for nice guys in our industry and I exclusively hire and nurture nice people, because at the end of the day, you can teach someone to sell, but you can’t teach them to be a nice person!
All of our offices around the country are reporting strong results, with industrial appearing to be most common success story. The Perth market has experienced a remarkable turn-around in fortunes over the past couple of years and the Melbourne market has proven to be remarkably resilient in the aftermath of such substantial Covid lockdown periods. What sectors are most in demand? The industrial sector has been booming for a couple of years now and it continues to go from strength to strength off the back of unheralded demand and limited supply. I expect the industrial market in the Illawarra region to continue to blossom, in spite of the obvious global economic challenges. What do you see as the biggest challenges that face buyers and sellers in todays market? Generally speaking, buyers are still having to deal with low levels of stock and therefore high levels of competition. Additionally, whilst finance is still cheap, the banks can still make it challenging to obtain.
TIM JONES Director MMJ Commercial
16 –June / July 2022
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