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CBRE has expanded its high-end residential valuations division to Victoria.
Following the department’s successful NSW launch, the network announced that their new “Victorian prestige residential valuations” team will be led by John Beresford and will build on the established services CBRE has offered in the $5 million-plus price bracket to private clients and mortgage providers.
CBRE reported that Beresford brings with him over 25 years of valuation experience, 13 years of which have been with CBRE.
Over the past 12 years, Beresford has focused on the prestige residential sector and in the process has undertaken hundreds of valuations in the $5 million-plus category across all areas of Melbourne, as well as the Mornington and Bellarine peninsulas.
Commenting on the motivations for the expansion of the new division, the Australian head of CBRE’s Residential Valuations business Kat Hale detailed that many Melbourne prestige auctions have surpassed their reserve prices, with migration a key demand driver.
As a result of these conditions, Hale relayed that the establishment of CBRE’s dedicated Victorian and NSW prestige residential valuations teams would enable the network to “grow our high-end market share and better service our clients”.
“The quick success of our NSW team accelerated our Victorian launch plans, with Melbourne’s premium residential market showing signs of strong growth in 2024, underpinned by low supply and heightened demand,” she said.
“Our new Victorian division will provide our clients with high-quality valuation reporting in this market segment, and we will be looking at further opportunities to expand our national reach, drawing on our knowledge, skills and systems,” she concluded.
This expansion is the latest in a series of notable developments for CBRE, with the network’s $8 million sale of a South Australian childcare centre marking the state’s largest childcare transaction since 2022, in addition to property fund manager ISPT recently selecting CBRE to be the exclusive property manager of the wholly owned assets in its portfolio worth over $21 billion.
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