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 mid-2000s.
“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 to 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.