Slow Descent of Property Prices Triggers Exodus from Booming Queensland Real Estate

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In a significant shift for Queensland’s real estate market, a wave of real estate agents is exiting the industry as property prices descend from their once-skyrocketing heights.

After the average house prices peaked in late 2021, Queensland’s Office of Fair Trading has documented a notable decrease in the number of real estate agents, signaling a departure from the booming market experienced in previous years.

One real estate agent who decided to leave the industry is Myles Blackwell, a former Buderim agent. After selling homes on the Sunshine Coast for six years, Blackwell made a career change in late March, opting to work as a fly-in, fly-out worker on a mine site in New South Wales. 

“It’s a service industry heavily driven by your ability to drop everything and service the client’s needs — whether they’re buyers or sellers,” Blackwell said.

House prices soared by 40% in the southeast’s bustling real estate markets, specifically the Sunshine and Gold coasts, between 2021 and 2022. However, recent CoreLogic data shows a decline of over 10% in these regions, including Brisbane, since then.

In 2020, Queensland had about 41,000 real estate agents. By early 2022, over 3,500 new agents obtained licenses, reflecting a surge during the market’s peak. Agent numbers peaked at over 45,000 in October but declined by almost 500 agents by April, marking the first decrease in three years.

According to Antonia Mercorella, the chief executive of the Real Estate Institute of Queensland, the reported decrease in real estate agents may not accurately reflect the actual decline. 

“We do tend to see a pattern of behaviour that emerges now and again when it comes to the real estate profession,” Mercorella said.

As the real estate market in Queensland undergoes this transformative phase, it remains to be seen how the industry will adjust to the evolving dynamics. 

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