With 1,000 units in its pipeline to hit the market in the next 18 months, Intellectual Property is in need of a national partner to market the properties.
New apartment blocks begin to fill the skyline in Canberra as the local economy goes from strength to strength. And one boutique agency has been lined up to sell a lot of these new units.
Peter Micalos has been in different aspects of the property market for more than 15 years. As the founder of Intellectual Property, he has taken steps to prepare to sell $500 million worth of new units in the next 18 months.
Mr Micalos recognised his market reach was limited as an independent agency, which is why he looked at his options.
“We needed the right national partner to market and sell this incredible development pipeline,” he said.
To be able to keep his identity, Mr Micalos took his operation to The Agency, which marked its expansion into Canberra.
“It is run by real estate leaders who are backed by a high-calibre team, world-class systems and an expansive national reach.”
Mr Micalos will work to establish a hub for The Agency in the nation’s capital, as it looks to take advantage of its active market.
“Canberra has consistently achieved clearance rates above 70 per cent, and there have been a number of predictions that home values will increase by 4 to 5 per cent this year alone,” The Agency’s national head of sales, Thomas McGlynn, said.
Mr Micalos expects that the number of units he will market will grow to an estimated 2,000 over the next two years, at a total value of $1 billion.