A record-breaking finish to the year for Ray White Southbank

A record-breaking finish to the year for Ray White Southbank
Jack Hayes

While 2021 has been a year to forget for many, Ray White Southbank and Port Phillip rounded out the year in style by cleaning up at the annual Ray White Awards and a shattering of their monthly sales record.

Following a challenging year for many in the industry, Ray White Southbank and Port Phillip principal, Andrew Salvo, told Southbank News the results had come as great vindication and celebration for a team that was forced to navigate one of the most affected real estate markets in the world.

“We have never been nominated for more awards. We were the second-biggest growth business for new landlords in the whole Ray White network,” Mr Salvo said.

“We were also awarded Property Management Team of the Year for Victoria and Tasmania, our hardworking administrator Dongmei Liu received Administrator of the Year and Lilian Kwan was a finalist for the Property Management Business Development Manager of the Year Award.”

Before they had time to extend their trophy cabinet, Mr Salvo and his team shattered their monthly record with close to 40 sales in November for secondary or established market sales.

As life flooded back to Southbank post-lockdown, so too has consumer confidence, resulting in a huge swathe of sales transactions, rental increases for investors and growing competition for buyers.

“While there has been a surge of interest in other areas of the market where affordability has gotten pretty dire, Southbank still presents a really affordable opportunity for buyers,” Mr Salvo said.

People have forgotten how amazing our city is and everything that it thrives on. Things like events, arts and sports; having proximity to that once borders open in a considerable way is going to be pretty special.

According Mr Salvo, COVID-19 has wreaked havoc on new developments throughout Southbank where, despite always being home to plenty of cranes, will likely experience a “black hole” for new apartments over the next six to 12 months.

“What I believe will happen is that we will swing to an undersupply market. Rentals should surge once government get their immigration quotas up and universities full, because there will be a tightening of stock, creating a platform for price growth in both the rental and sales market,” Mr Salvo said.

“We are benefiting from a dominant first home buyer market, but when you couple that will investor demand, that should create the necessary competition at auction or purchase, and that is where we will start to see some price growth.”

With a creeping under supply of qualified workers in Melbourne’s real estate industry, Ray White Southbank and Port Phillip will be holding a careers night in a bid to lure the next generation of budding agents.

“We are doing a lot more in our trainee program due to a staff shortage. We have figured out that we need to start growing our own and are looking to host careers evenings for interested individuals,” Mr Salvo said.

“It grows a happier business when your staff grow with you from the ground up, and being powered by Ray White and the training platform they provide is incredible.”

“We do in-house training; they are put through external training programs to receive their Certificate IV in Real Estate and Property Services. We are trying to grow careers in the right way, rather than throwing kids in the deep end.” •

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