Daniel Starr, director of Starr Partners Merrylands in Western Sydney, joins Mark this week to share the origins of his family’s long-standing real estate business and discuss the current state of the Australian rental market, particularly in Parramatta and surrounding suburbs.
In the process, they suggest strategies for new home buyers looking to enter the market and touch on real estate market trends, including the dip in listings during certain months and the impact of cultural differences and holidays on the market heading into 2024.
Key Takeaways:
- Star Partners, a 50-year-old business, was founded by Daniel’s uncle, John Starr, with his father joining 44 years ago. Daniel too joined the real estate profession, leveraging his extroversion to build positive relationships.
- Daniel advises young agents to be adaptable “chameleons,” understanding and adjusting to clients’ communication styles. He emphasises the importance of recognising real estate as a service industry, tailoring approaches to meet clients’ needs.
- Daniel and Mark, discuss the challenges of high demand for rental properties. Even with over 2,000 properties being built the supply may still not meet every price point.
- ‘Parramatta is on fire.’ Daniel and Mark note the increasing attractiveness of Parramatta and surrounding areas for retirees, leading to downsizing and lifestyle-oriented property purchases. Yields have increased in the area which has become desirable for its amenities and cultural diversity.
- Daniel predicts a temporary dip or flattening in the market due to high stock numbers, anticipating a decline in appraisals and listings. He expects stability to return by late January, with a stronger market in mid to late January as buyers resume activities after the holiday season.
