Real Estate Institute of Victoria CEO Kelly Ryan Discusses New Initiatives and Market Challenges in Recent Interview with Real Estate Talk with Walter

In an insightful interview, Ms Kelly Ryan , the newly appointed CEO of the Real Estate Institute of Victoria (REIV) , shared her thoughts on the current state of the real estate market and the transformative initiatives underway at the institute. Having taken on the role just four months ago, Ryan described her transition from a 20-year career in sports to the real estate sector as "fascinating and rewarding," though still an adjustment.

Ryan emphasised the emotional connections people have with both sports and real estate. “Everybody likes talking about sports and everybody has an interest in property, the housing market, and so forth,” she noted. However, she also highlighted the significant differences between the two fields, particularly the stringent regulations governing real estate. “It’s a real eye-opener,” she remarked, referring to the compliance and governance aspects of real estate, which stand in stark contrast to the more fluid nature of sports.

?Transformational Projects

One of Ms Ryan's key focuses is the REIV’s upcoming office relocation. The institute has sold its old building at 335 Camberwell Rd in Camberwell in December 2023. Scott Orchard , David Minty , and Nathan Mufale of 世邦魏理仕 were the listing agents. The Institute purchased a new property at 617-619 Victoria Street in Abbotsford, where final fit-out plans are currently underway. Peter Bremner and Jonathon McCormack of Gorman Commercial Real Estate Pty Ltd were the listing agents. Ms Ryan aims for the move to take place by March 2025, envisioning a “modern, contemporary, progressive office environment” designed to inspire pride among staff.

In tandem with the relocation, REIV is embarking on a digital transformation, with modernisation of tools and software starting this month. The initiative aims to enhance the membership experience and improve engagement with the institute.

Upcoming Awards and Economic Impact

REIV is currently preparing for its annual awards event, which is nearly sold out, expecting around 800 attendees.

Showing that Victoria is back to having events and other exciting projects after Covid-19 is compelling. However, Ms Ryan acknowledged the lingering effects of Covid-19, stating, “We are all doing our bit to reenergise the economy, building the human connection by going to events and returning to the office,” Ms Ryan explained, while keeping an open mind to the lessons learned during the pandemic. “Knowing we can work and do things differently now,” she continued.

?Market Insights

?Discussing the current market landscape, Ms Ryan noted mixed signals. While the residential sector has a wealth of properties available, many investors are exiting or have exited due to challenges like strict rental regulations and increasing land taxes. This exodus has led to rising vacancy rates and rental price increases due to a lack of supply.

?On the industrial front, however, prices remain robust, although office spaces are struggling due to the continued prevalence of remote work. “The city still has a lot of vacancy rates,” she explained, adding that she hopes to see a shift back towards pre-Covid levels. The hospitality sector is also facing difficulties, with lower migration and tourism not yet rebounding to previous levels.

?Retail experiences a mixed bag, with shopping centres thriving while suburban strips struggle under the weight of taxes and high vacancy rates and smaller businesses doing it tough.

?Looking Ahead

?Despite these challenges, Ms Ryan remains optimistic. “Any time the market is a little bit soft, it represents growth opportunities,” she stated. She encouraged potential buyers to consider entering the market now, as it may provide favourable conditions for capital growth in the future. “Real estate investment is a long-term game,” she affirmed, confident in Victoria’s robust economy.

?In closing, Ryan extended an invitation to the public and the real estate community to share their feedback with the Institute, emphasising the importance of a strong and represented Institute. She urged agencies to join as members, stating that a united front could better advocate for the industry and provide peace of mind to sellers entrusting their most valuable assets to REIV member agencies.