PHOTO: Tom Panos, a Sydney auctioneer and founder of Real Estate Gym. FILE
An Australian real estate insider foresees the upcoming 12 months as potentially marking one of the ‘most remarkable years in real estate’ sales history, challenging the prevailing notion of industry professionals being overcompensated.
Tom Panos, a Sydney auctioneer and founder of Real Estate Gym, shared his optimistic outlook in a recent social media post, despite prevailing concerns such as persistently high property prices, recent increases in interest rates, and the looming possibility of further hikes.
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Panos expressed uncertainty about future interest rates and property price fluctuations but emphasized a clear trend of people being eager to engage in real estate transactions, accepting the prevailing property values as the new norm.
With Sydney boasting some of the world’s highest real estate prices, recent CoreLogic data revealed a staggering 12.1% increase in the median house price since January, reaching an eye-watering $1.397 million.
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The housing market in Queensland also experiences near-record prices, creating challenges for younger individuals attempting to enter the property market amidst surging population growth.
Mr Panos, who runs the Real Estate Gym, also said he does not think those in the industry are overpaid as they do a lot of work
Addressing the question of whether real estate agents are overpaid and contributing to the financial burden on buyers, Panos defended agents, highlighting the unseen aspects of their work, including property listing, pipeline management, callbacks, vendor relations, reports, warm prospecting, handling multiple buyers simultaneously, community engagement, deal negotiation, diary management, and various administrative tasks. He argued that considering the unpredictable nature of real estate sales and the possibility of earning nothing if a property doesn’t sell, agents are not overpaid.
Panos, who provides coaching for real estate professionals, encouraged agents to capitalize on the competitive market in the coming year, asserting that a substantial opportunity exists for earning commissions.
Even amid concerns of a housing bubble, the new Reserve Bank governor, Michele Bullock, acknowledged the surprising surge in housing prices at an international conference. This trend persists despite official interest rates reaching a 12-year high of 4.35%, with mortgage holders facing rates exceeding six percent. Monthly variable mortgage repayments have surged by 69% since May 2022, despite the cash rate remaining at a record-low of 0.1% at that time.
SOURCE: THE DAILY MAIL