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There are 27,596 real estate agents spread out across the city’s 29 local government areas and more joining the profession every day.
But is it easier to get into the field working in some suburbs instead of others? New research from off-market platform Abodely has analysed median house prices across all local government areas (LGAs), the number of agents per dwelling in each area, and historical five-year supply growth to pinpoint where there’s the most room for a new agent to move in.
Due to its moderate agent density, the fastest supply growth over five years and above-average median house prices, Strathfield tops the list with an aggregated index score of 84.
Parramatta and The Hills Shire come in close second and third, with fewer agents per capita than Strathfield, meaning less competition for available listings but slightly lower median house prices.
Ryde and Bayside round out the top five, with Abodely founder Tom Coe describing them as areas that are “ripe for agents looking to establish or expand their presence”. Both are found to have a fairly low agent-to-dwelling ratio, with 12 and 16 agents per 1,000 homes respectively.
It is this ratio that has caused Hornsby to come in dead last in the overall ranking, given that the area is home to a whopping 82 agents per 1,000 dwellings, substantially higher than the second-to-last Hunters Hill, with 25 agents per 1,000 homes.
Agent ratios make some of the city’s high-value markets appealing to newer talent. Coming in eighth, Lane Cove has the highest median house price in the top 10. Houses in the LGA sell for an average of $3.6 million, with 13 agents per 1,000 homes.
The high-value markets of the Northern Beaches, Woollahra and City of Sydney, however, are not home to the same welcoming dynamics as they’ve also proven to be popular areas to work – the inner city locales each have 18 agents per 1,000 dwellings, while the popular beachside LGA has 19.
Abodely recommends that agents who are “tired of the cut-throat competition” in those sought-after markets should look into Sydney's outskirts: Penrith City has made it into the top 10 with only five agents per 1,000 dwellings. The City of Campbelltown, City of Fairfield, and City of Liverpool also stand out with a low number of agents to represent the number of homes.
Mr Coe commented that Sydney’s fringe areas also promise ample future opportunity thanks to their high level of development.
“As the median dwelling price in these areas continues to soar, established agents will be well placed to benefit from the higher median prices,” he said.
For those just getting into the profession, or finding themselves stymied in their current surroundings, Mr Coe recommends digging deeper to discover where real need exists in the property landscape.
“Agents looking to establish themselves need to think beyond just high property values. It’s about understanding the market dynamics and thinking about how to gain an edge,” he 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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