The Queensland real estate industry is experiencing a decline in agents as property prices slowly decrease. Data from the Office of Fair Trading found that thousands of new agents entered the industry during the boom in late 2021, but the number has since fallen for the first time. The most intense real estate markets were in the state’s south-east, with the median house price on the Sunshine and Gold coasts increasing by 40% in 12 months through 2021 and 2022. However, house prices in both regions and in Brisbane have come back more than 10% since then. The slowdown has made it more difficult for agents to list and sell houses.
According to an article in data from Queensland’s Office of Fair Trading, thousands of new agents joined the real estate industry as the market ramped up in late 2021. However, as the once-skyrocketing property prices continue their slow descent, hundreds if not thousands of Queensland real estate agents are leaving the industry.
The most intense real estate markets were in the state’s south-east, with the median house price on the Sunshine and Gold coasts increasing by 40 per cent in 12 months through 2021 and 2022. But since then, house prices in both regions and in Brisbane have come back more than 10 per cent, According to an article in recent CoreLogic data.
Former Buderim real estate agent Myles Blackwell left the industry in late March, finding a new career as a fly-in, fly-out worker on a mine site in New South Wales. He sold homes on the Sunshine Coast north of Brisbane for six years and said he knew the market would only boom for a short time.
Mr Blackwell said while the money was good during the boom, it also meant taking calls day and night on top of a six-day work week. He said that left little time for his wife Kirsten and two teenage daughters.
“It’s a service industry heavily driven by your ability to be able to drop everything and service the client’s needs — whether they’re buyers or sellers,” he said. “You don’t have a lot of time for family and friends and other things.”
The trade-off, he said, was the “excitement in the air” with so many wanting to buy. But with the slowdown, he said agents were facing more of a battle to list and sell houses, even if the market remained generally healthy as it had on the Sunshine Coast.
“When the times get tough and the houses aren’t selling, and people are holding back, and the affordability becomes unreachable for more people because the interest rates are a lot higher, then it is a real slog. Generally speaking, you have more properties that…”
According to an article in experts, the number of real estate licenses renewed last year also fell for the first time since 2018. While data shows hundreds of agents have left the industry, experts say the number is likely higher.
A calmer market can be a real slog, said Mr Blackwell. But for those who are willing to put in the time and effort, there is still money to be made.
“It’s hard work. You’re pretty much working seven days a week, but if you’re prepared to do that, you can still make a decent living out of it,” he said.
Despite the challenges, the real estate industry remains an attractive option for many. With the right skills and mindset, agents can still thrive in a changing market.
In the end, it all comes down to how much you’re willing to invest in your career. For those who are willing to put in the effort, the rewards can be significant. But for those who are not, the real estate industry may not be the right fit.
