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Market changes in the Melbourne suburb of Bundoora have prompted a long-time local to open a real estate office to serve the area with Hockingstuart.
Tony Nguyen has launched the new outfit in Melbourne’s north-east, capitalising on what he describes as a generational passing of the torch.
“Off the back of COVID, we’ve seen some major shifts in the market. Families have left the inner city searching for more space, leading to a competitive market in suburban and regional areas. This trend has motivated many older generations with properties on big blocks to sell and move to smaller-scale, newer houses,” Mr Nguyen explained.
“Investors have also taken note of the trend and diversified their strategies into real estate, focusing on renovating smaller dwellings into family homes. This activity has created a good supply of rental and sale listings in Bundoora and surrounding areas.”
He sees the area as something of a crossroad for the city’s eastern and western suburbs, with major highways and train lines connecting to Melbourne Airport, while enjoying plenty of activity with campuses for both RMIT and La Trobe University calling the suburb home.
With international arrivals growing following the opening of Australia’s borders, Mr Nguyen also noted that the area is perfectly poised to cater to an influx of students looking for accommodation convenient to campus, which has prompted developers’ interest.
“Several high-rise buildings are also under construction or in planning, as the suburb prepares to welcome back international arrivals, namely students and investors, post-COVID. We’re particularly seeing a high intake of young Asian immigrants, looking to capitalise on the area’s proximity to nearby educational institutions, the international airport, and green spaces,” Mr Nguyen said.
Hockingstuart, which merged with boutique real estate brand Belle Property in 2020, was attractive to the principal because he felt the brand’s model would complement his team’s strengths.
“Looking at the trajectory of Bundoora, it made sense for us to partner with Hockingstuart, combining our team’s experience working in Asian markets and the brand’s reputation for innovative sales and marketing,” he said.
Hockingstuart and Belle Property chief executive Peter Hanscomb said the network was “thrilled to insert our brand into the thriving multicultural suburb of Bundoora, championed by long-time local, Tony Nguyen”.
“The new franchise heralds our expansion into Melbourne’s northeast, as we look to meet the region’s growing needs with our hard-working agents, best-in-class customer service, and exceptional sales records,” Mr Hanscomb added.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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