Apac Realty expands ERA franchise to Queensland
Sign up now: Get ST's newsletters delivered to your inbox
Apac Realty, which operates the ERA Realty Network brand, said it has granted a Brisbane firm a master franchise to operate ERA Queensland.
PHOTO: BT FILE
Follow topic:
SINGAPORE – Real estate services provider Apac Realty is expanding into the Australian housing market through a franchise agreement.
The mainboard-listed company, which operates the ERA Realty Network brand, said it has granted Brisbane real estate firm Queensland 888 a master franchise to operate ERA Queensland.
ERA Queensland, led by chief executive Alex Caraco and co-director and chairman Ben Collins, has a team of 17 agents across three offices. It will focus on high-end prestige properties, residential homes in general, and off-plan projects, which are properties that have yet to be constructed. It will also provide property management services and facilitate the sale and leasing of commercial properties.
Queensland 888’s oldest office has been operating for 50 years.
The franchise agreement is for an initial term of 15 years, with the possibility of renewal for another 15 years. ERA Singapore CEO Marcus Chu said the agreement opens the door into “a well-established yet progressively expanding real estate market”.
Apac Realty said in a statement: “The Queensland real estate market is anticipated to thrive in 2024, driven by growing demand for quality properties in major Australian cities and renewed interest from Asia.”
While ERA Queensland will focus on marketing properties in the state to Australians, Mr Caraco, who has been in the real estate business for 44 years, said there has been an emergence of inquiries about Australian properties from Asia.
Singaporeans can buy new properties or those still under construction in Australia, with approval from the Foreign Investment Review Board.
Mr Caraco also noted that property prices in Queensland hit an all-time high in May 2022, but took a hit after Australia’s central bank increased interest rates that month.
“We now expect a gradual recovery due to low inventory and a relatively positive interest rate outlook. While Queensland’s real estate market eased in terms of volume of sales over the past year, valuation has risen 15 per cent,” he said.
He expects Australia’s real estate market to improve further from February 2024, driven by growing demand for properties in regions such as Brisbane, the Gold Coast and the Sunshine Coast.
Apac Realty said it aims to have eight offices and 50 agents in Queensland in three years’ time.
It currently has more than 22,000 agents in 648 offices across 11 countries in the Asia-Pacific, including Indonesia, Thailand, Malaysia and Vietnam. In March, it set up an office of 15 agents in Laos.
In Singapore, ERA had about 8,800 agents as at June 30, and is the second-largest agency behind PropNex, which has about 12,000 agents.
Apac Realty’s Australian foray comes as the company marks six years on the Singapore Exchange.
