PHOTO: ERA Realty Network
Singapore-based real estate services provider Apac Realty is expanding into the Australian housing market through a franchise agreement. Apac Realty, known for operating the ERA Realty Network brand, has granted Queensland 888, a Brisbane real estate firm, a master franchise to manage ERA Queensland.
ERA Queensland, under the leadership of CEO Alex Caraco and Chairman Ben Collins, boasts a team of 17 agents spread across three offices. Their focus will include high-end prestige properties, general residential homes, and off-plan projects, which involve properties that have yet to be constructed. Additionally, ERA Queensland will offer property management services and facilitate the sale and leasing of commercial properties. Notably, Queensland 888 has been operating for 50 years.
The franchise agreement spans an initial term of 15 years, with the potential for renewal for an additional 15 years. Marcus Chu, the CEO of ERA Singapore, expressed that this agreement presents an opportunity in “a well-established yet continually expanding real estate market.”
Apac Realty anticipates growth in the Queensland real estate market in 2024, driven by increased demand for quality properties in major Australian cities and renewed interest from Asia. While ERA Queensland will primarily market properties within the state to Australians, there has been an uptick in inquiries about Australian properties from Asian investors.
Singaporeans can purchase new or under-construction properties in Australia with approval from the Foreign Investment Review Board.
Caraco also highlighted that property prices in Queensland reached an all-time high in May 2022 but faced a setback when Australia’s central bank raised interest rates that same month. However, he expects a gradual recovery due to low inventory and a positive interest rate outlook. Queensland’s real estate market experienced a decrease in sales volume over the past year, but property valuations increased by 15 percent.
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Caraco predicts further improvement in Australia’s real estate market from February 2024, driven by growing demand for properties in regions like Brisbane, the Gold Coast, and the Sunshine Coast.
Apac Realty aims to establish eight offices and have 50 agents in Queensland within three years. Currently, the company operates with over 22,000 agents across 648 offices in 11 countries in the Asia-Pacific region, including Indonesia, Thailand, Malaysia, and Vietnam. In March, they established an office with 15 agents in Laos.
In Singapore, ERA had around 8,800 agents as of June 30 and is the second-largest agency behind PropNex, which boasts approximately 12,000 agents. Apac Realty’s expansion into Australia coincides with the company’s sixth anniversary on the Singapore Exchange.