Queensland’s property market is truly excelling. Having largely avoided extended COVID-19 lockdowns, the sector has thrived in recent months, with data from PEXA affirming this.
The Sunshine State was the only jurisdiction to record quarter-on-quarter growth (September quarter vs June quarter) in sales settlements, per the latest Property and Mortgage Insights Report released by PEXA Insights.
Queensland also usurped traditional eastern seaboard powerhouses to facilitate the most property transactions nationwide during this period.
George Sourris, Director, Empire Legal has witnessed this market boom first-hand and believes that there’s been a perfect storm fuelling consumer behaviour.
“Property in Queensland is travelling better than ever – we’re a bit of a haven from COVID-19. Increasingly, we’re seeing lockdown weary New South Wales and Victoria residents making the move north, with many buying sight unseen.
This is driving prices higher, with buyers really working hard to compete in what is a seller’s market. Combine these factors with the Olympics announcement for Brisbane, and it’s an ideal recipe for activity,” Sourris said.
And Sourris and his team have identified notable trends which demonstrate how entrenched the seller’s market is at this time.
“In the current climate, gone are the days of the traditional “subject to sale” clauses (committing to buy a property subject to the successful sale of the purchaser’s property). We’ve not seen a single transaction with these clauses since COVID-19 arrived on our shores.
“Buyers are scrambling and doing whatever it takes to try and secure a property. Properties are selling for astronomical amounts – and often well over the vendor’s fabled “dream price” in auction scenarios. If a contract falls through, there tends to be multiple other buyers lined up and eager to capitalise – which shows you how hot the market is,” Sourris said.
A different approach to customer experience
The spotlight is well and truly shining on legal practitioners at this time – and Sourris brings a unique portfolio of experience to the profession, having previously spent five years working at Apple, including venturing twice to the global giant’s headquarters in California, USA for invaluable training.
“I left Apple after half a decade, armed with a unique toolkit. Without a doubt, the lessons I learnt from my time there have enabled me to look at the legal industry in a different light.
“I try to maintain a laser-focus on two key priorities: client and employee experience. These underpin what my business partner Abi Wright and I have instilled as the lifeblood of our business – the culture. We feel our magic comes from looking after staff. By doing that, they then in turn look after our clients.
“When you combine this ethos with seamless client-to-firm communication, you’re able to deliver exceptional customer experiences,” Sourris said.
This holistic commitment means that Sourris and his team set the bar high within their ranks.
“Anything less than a 5/5 rating by our clients (and peers) is an opportunity to improve the Empire Legal experience. We have been asking our customers since day 1 to review our service and have organically grown our business to almost 1000 Google reviews, with an average star rating trust score of five (out of a possible five),” Sourris said.
And with an unprecedented number of Queenslanders and interstate citizens alike requiring the services of legal practitioners, now more than ever, the onus is on firms to get creative and find new ways to ensure they meet the needs of their clients.