A message from the CEO

For more than 55 years, our company has established itself as one of the nation’s most respected property advisory brands. From a small office in Rockhampton started by founder Kerry Herron in 1969, we’ve grown to over 800 staff across 63 offices servicing all locations across the country.

Key to this longevity are the bonds of trust forged with clients and affiliate professionals. I just want to take a moment and say, on behalf of our entire Herron Todd White team, a sincere thank you to our loyal customers. Your continued support in our ability to deliver exceptional independent property advice has enabled us to flourish, and for that we are enormously grateful. And we won’t rest on our laurels either. Those who rely on our guidance will benefit from Herron Todd White’s ongoing investment in people, processes and technology now and in the future. 

In this, the July issue of Month in Review, our residential teams conduct retrospective analysis of their markets throughout the first half of 2024.

At the start of this year, there was a feeling of optimism among property stakeholders. Interest rates rises seemed to have reached their peak. There were expectations sales activity might accelerate as an increasing number of sellers released stock to a more stable market.

Since then the data shows values have grown across many locations – a function of high buyer demand meeting a low supply of listings – but the return to “normal” market conditions has been inconsistent. For example, many people are heading back to metropolitan centres after escaping to the regions during the pandemic. However, our largest cities are not seeing prices rise at the same rate as some of the smaller capitals such as Perth and Adelaide.

This multi-speed market performance is being observed across price points as well. Prestige residential has seen record high sale prices in some locations. In contrast, properties in the mid-upper bracket are recording slower price growth – a function of tougher borrowing conditions perhaps.

The crux is this… any stakeholder making important decisions without guidance from local, well-resourced and experienced professionals is at risk.

This month, our commercial teams discuss retail property activity, specifically new construction and refurbishment in the sector. While confidence in retail remains soft in the wake of delayed interest rate cuts (and a possible rise before year’s end), some locations and property types are outperforming others. For example, development in retail strips appealing to tourism-driven businesses in many regional locations enjoy enviable rental demand, while other retail assets languish.

The rural team has delved into the livestock sector for July’s report. This industry has enjoyed buoyant conditions for several years now, but there are signs activity is softening in some instances. Rural director Angus Ross provides an in-depth discussion of how changes in the market are driving prices and the degree of investment in operations.

As you can see, it’s another comprehensive discussion on today’s property markets sourced from experts across the country.

Please enjoy our July edition of Month in Review.

Gary Brinkworth

CEO