This month we shine the spotlight on Tasmania, Australia’s largest island, where Patrick Berry, Director of 4one4 Property Co., member of Leading Real Estate Companies of the World® (LeadingRE), shares his point of local market view.
Tell us about your company.
Patrick Berry: Our origin story begins in 2006, and from humble beginnings we have grown from a small team of three agents to a team of 28. We have negotiated for over $94 million worth of properties in the last 12 months and manage over 850 rental properties. throughout the Greater Hobart area. We are not here to follow the norm; we do not conform to the perception of corporate real estate; and we certainly don’t take the cookie-cutter approach.
In-house, we design marketing strategies, produce podcasts, develop publications, create content, print signs, design apparel, construct buildings, style homes, landscape properties and host events. We get creative when connecting with buyers and sellers to build trust so they know we can handle their greatest asset.
How would you describe your current real estate market?
DB: The average price of our home is $500,000 and prices have increased about 22% year over year over the past few years. As is the case in many markets, our inventories have been extremely low, but they are starting to rise. We listed 43 properties in March, which is an increase of nearly 110% over previous months.
What types of properties are popular in your market?
DB: Our mission is clear: all types of goods, for all types of people. We mainly sell single family homes, townhouses and freestanding units. Our area is largely made up of first time buyers, young families and investors, and the average resident is blue collar. With working from home becoming the norm, the No. 1 request in recent years has been an office or a fourth bedroom.
What are the most important trends in your market?
DB: We are seeing a shift towards investors selling their properties to make the most of the capital gains that properties have received over the past few years. These homes were quickly snapped up by new investors entering the market and first-time buyers trying to exit the rental market.
What are your biggest challenges/opportunities for growth?
DB: We have been very lucky over the past few years and have actually grown in a short time. We believe this is due to the culture we have created and the fact that our agency is built on a strong technology/systems platform. Our systems currently generate six sign-up opportunities per day, and we are looking to increase this number to approximately 16 per day. In terms of challenges, what we’ve discovered is that by growing so quickly, it’s put pressure on our systems to keep up – and that’s what we’re currently working on. .
Do you see a lot of foreign investment and, if so, from which countries?
DB: Unfortunately no. We used to see strong demand from China and Hong Kong, but in recent years this has dropped, likely due to tensions between China and Australia, as well as travel restrictions by COVID.
What advice do you have for foreign buyers interested in buying in your area?
DB: Speak to several agencies and learn about the area as much as possible. Our website provides great information on the whole country which can help identify trends as well as areas offering good value for money. We also produce a podcast every week called The Property Pod, where we try to help people understand our market and how to buy there.
What do you enjoy most about life in your area?
DB: The fresh air and the vast expanses of the national park. Hobart is located on the river, which gives the town a pleasant feel, with most homes offering spectacular river or mountain views. Hobart is laid out in a way that gives it a San Francisco feeling, and anyone who has visited both places would definitely agree.
How does being part of LeadingRE help move your business forward?
DB: By being part of such a prestigious network, we have been able to present our homes not only in our local market, but also all over the world. When presenting to clients, being able to showcase the network highlights our global reach.
For more information, visit 4one4.com.au.