Asian property giant enters Melbourne market
The global real estate brand has unveiled the launch of its second Australian office.
Juwai IQI has announced that it is now launching into the Melbourne market, with the unveiling of IQI Victoria.
IQI Victoria joins IQI WA as the company’s second Australian outpost, with the network sharing that it is also looking for expansion opportunities in the other states and territories.
Winston Lo will lead the new operation, with Juwai IQI co-founder and group chief executive Daniel Ho saying they are delighted to partner with the long-time Melbourne property veteran.
“Having Winston at the helm of the business gives us confidence in its rapid growth and success,” he said.
Sharing that the new agency would enable the group to better serve its growing customer base in Victoria, Mr Ho added: “The new Melbourne team will ensure an even bigger presence for Juwai IQI in Melbourne, which is one of the Australia’s most vital properties. .”
The group’s co-founder and managing director, Kashif Ansari, also praised Mr. Lo, calling him “one of the best in the industry, as he brings the business and financial skills of a first career in finance at world-class companies like Accenture.”
“Under Winston’s leadership, the new office is launched with a team [of] experienced professionals in the local market and at the top of their field,” he continued.
Mr. Lo has spent the past 10 years as Managing Director of Hot Spot Property Group.
Weighing in on his new role, the head of IQI Victoria said being part of the IQI network “presents a tremendous opportunity for us to better serve developers and buyers in Melbourne”.
Explaining that the creation of the new venture aims to serve local and overseas buyers and developers, Mr Lo believes the Melbourne market will continue to grow in popularity in the future, sharing his expectation of “strong long-term demand”. term on the part of local and foreign actors”. buyers”.
Juwai IQI sees several reasons to be optimistic about the long-term prospects for the local market, including strong population growth, a significant increase in immigration and increased investor activity.
The group’s own analysts expect home prices in Melbourne to start climbing again in 2024, making the next 12 to 18 months a “favorable” buying window.
Overseas demand is already strong, according to Mr Lo, who reported Hong Kong residents are already looking to Australian residential purchases for immediate occupancy – or at a potential future date.
He pointed out that purpose-driven buyers looking for a property for their own use already account for the largest share of the overseas buyer market, followed by pure investors looking for diversification and total returns.
Grace is a reporter for real estate and investment brands Momentum. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communications (Journalism) from Newcastle University. She is passionate about providing easy-to-digest, relevant information and content for her key audiences and stakeholders.