During his term, Mr Rowe steered the API through turbulent times as the industry grappled with some of the most challenging moments in the industry’s history. From the after-effects of the GFC through changes in roles and responsibilities of valuers, industry bodies and government regulators, and more recently the pandemic and rapidly recovering market. Mr Rowe helped champion the industry with the API through truly unprecedented times.
The newly announced Chairman, Patrick Lilburne of Lilburne Property Consulting, has extensive knowledge, is a well-recognised figure within the property industry and practices as a licensed land valuer and real estate agent in WA. Mr Lilburne says he will aim to push the WA perspective throughout Australia.
“COVID-19 has affected the way we use and what we require from property, both commercially and domestically. These changes are ongoing, and it is a fulltime job to keep abreast of the changing landscape to ensure properties are meeting current and future expectations. It is my aim to be the voice for the property industry across Australia and ensure our WA perspective is heard” said Mr Lilburne.
The Australian Property Institute CEO, Amelia Hodge, extends her gratitude to Mike Rowe for his years of service to and support of the profession and to the property sector generally in WA. “Welcome to Patrick Lilburne as our new WA State Chair. The API appreciates your willingness to lead the property profession in WA to the other side of what has been very interesting times. The valuation sector and property profession generally has played an integral part throughout the pandemic in utilising its high level of expertise and specialist skillsets supporting the financial, insurance and government sectors and private clients navigate and underpin the value of property assets, being the largest asset class in Australia”.
The property market in Western Australia has fared well in comparison to other states during the pandemic, but looking ahead with the easing of restrictions on the horizon, it's becoming even more critical to seek the appropriate advice from the experts and practicing careful due diligence.
Executive Director, Realmark Commercial, Mike Rowe said “in the residential market we are seeing regular instances where listings are selling within roughly a week placing pressure on parties to move quickly, which is removing the opportunity to carefully and comprehensively test the market as potential buyers miss out in such a tightly held market. It is vital to ensure you are not undersold and evaluate all your options through expert advice.”
From the commercial perspective, Mr Rowe observed that some sectors are strong and Realmark Commercial has witnessed investment properties with long-term leases selling very quickly in Western Australia.
“The office market space is the hardest market but even in here getting the right position of various grades of rentals and vacancies is again very complex so it's best to get professional advice. Ensuring you speak to an independent valuer is sometimes overlooked in the industry and can lead to implications down the line” Mr Lilburne said.
In light of these conditions, sellers need to be prepared and take proactive steps to prepare their properties for sale and thoroughly test the market.
Buyers need to be aware of the current value of the market in which they are investing in as well as being proactive to protecting their own interest.