Saturday, July 23, 2011

Market Commentary from a leading Brisbane agent

"... Countering that has been the deteriorating level of urgency in buyers as plunging confidence in Australia's economic future bites ever deeply into their psyche. This erosion of confidence isn't just making it 'challenging' to get buyers to make offers on property, it is making it doubly difficult to get deals to hold together once agreed.

More broadly and in keeping with Darwin's theory of only the strongest ultimately surviving, current market conditions are systematically cleansing the industry of all but the very best property professionals across all property sectors from Commercial to Residential. Whilst we know we can expect such repositioning of markets every generation or so, it doesn't make the process of enduring them any more comfortable."

My comment: I have seen a number of residential real estate groups impload in Brisbane in recent times. Colliers closed down its Brisbane city residential resale group (but kept project marketing alive), Savills closed down its Brisbane residential group, ReMax city office with Chris Hinds reportedly went bust recently, Open House went bust last year and has been taken over, GoGecko is bankrupt, the list goes on.

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