Pozzi marks 40 years with REIWA

Western Suburbs Weekly - - News -

REAL Es­tate In­sti­tute of WA chief ex­ec­u­tive Neville Pozzi cel­e­brated 40 years at the in­sti­tute last month.

Since start­ing as an ac­coun­tant, the in­sti­tute's long­est-serv­ing em­ployee has seen the me­dian house price rise from $33,800 to $520,000, plenty of highs and lows in the mar­ket and the big­gest boom in house prices in WA in the mid2000s.

“One thing I can say with con­fi­dence is that no cy­cle lasts for­ever,” he said.“we are in a unique po­si­tion now though, as this is the first time both the sales and rental mar­kets are fac­ing chal­lenges si­mul­ta­ne­ously, with list­ings for both be­ing very high.

“His­tor­i­cally, it's usu­ally one or the other, so this is un­prece­dented ter­ri­tory which has made it more dif­fi­cult to adapt to.”

An­other no­table change is that Perth no longer fol­lows the east coast mar­kets.

“(In the past) we could see where the Syd­ney mar­ket was at and know in a year or two we would be ex­pe­ri­enc­ing those same con­di­tions,” Mr Pozzi said.

“Syd­ney op­er­ates as its own mar­ket now and has lit­tle or no bear­ing on our lo­cal mar­ket.”

Mr Pozzi cites the dig­i­tal age with bring­ing about the big­gest rev­o­lu­tion to the real es­tate in­dus­try in his time. “The rise of real es­tate por­tals in the last 20 years to­tally trans­formed how we buy and sell prop­erty,” he said.

“Where prop­erty sell­ers and seek­ers used to rely more heav­ily on the real es­tate agent for mar­ket in­for­ma­tion, they now go on­line.

“It's changed how agents do busi­ness too.

“They are much more than tour guides, they know the mar­ket in­side and out and have an in­tri­cate un­der­stand­ing of trends and prices in their lo­cal area to bet­ter help their clients.”

REIWA cel­e­brates its cen­te­nary next year and Mr Pozzi is look­ing for­ward to the in­sti­tute shar­ing 100 years of WA real es­tate with the com­mu­nity. ■

Neville Pozzi.

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