Around a month ago, News.com.au reported that “hundreds if not thousands of Queensland real estate agents are leaving the industry” amid softening house prices and sales.
This followed thousands of agents joining the industry as the market ramped up in late 2021.
Former Buderim real estate agent Myles Blackwell left the industry in late March and said that agents were facing more of a battle to list and sell houses:
“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.
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“Generally speaking you have additional houses that can tumble in excess of or really don’t entire and it requires lengthier to get the purchasers throughout the line”.
In his weekend marketplace wrap, main Sydney auctioneer and agent, Tom Panos, claimed “the exodus of true estate agents has begun”:
“They arrived in when the current market was likely up. They got them selves a pleasant tailored match. Got them selves dressed up. May possibly have even taken a auto lease and upgraded their car”.
“They kind of obtained by in 2020 and 2021, and they could have even got by in 2022. But they’re not finding by in 2023”.
“The big Exodus is there. They were being straightforward appear effortless go these serious estate agents”.
“They arrived from a JB Hello-Fi. They arrived from Politics Menswear. They arrived from David Jones. They came from Uber. They came from the hospitality field. They came from currently being Baristas”.
“They observed all the bright lights, shiny autos. They noticed all the Swank”.
“But guess what workforce? All Swank, no financial institution at the conclude of the day. That’s what basically happened”.
CoreLogic’s June housing industry report, introduced on Monday, confirmed how authentic estate brokers have absent from booming circumstances to bust.
Although household price ranges have rebounded about modern months, “the range of funds metropolis homes advertised for sale more than the four weeks ending June 25th was pretty much 20% reduced than at the similar time last yr and 26.4% down below the normal for this time of the year”, CoreLogic notes.
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“Regional listings also trended reduce by way of the thirty day period, monitoring 32.9% under the previous 5-yr average”:
Resource: CoreLogic
Actual profits volumes have also fallen heavily from the pandemic increase again to ordinary 5-year normal concentrations:
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Resource: CoreLogic
For a occupation that is based mostly around product sales commissions, true estate agents are evidently encountering their individual version of the Hunger Video games.
It also implies that state governments will earn a lot less from stamp duty receipts.
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Will not somebody feel of the poor genuine estate agents?
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