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The global real estate brand has revealed the launch of its second Australian office.
Juwai IQI has announced 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 pursuing expansion opportunities across the other states and territories.
Winston Lo will be at the helm of the newest operation, with Juwai IQI co-founder and group managing director Daniel Ho stating that they are delighted to be partnering with the long-time Melbourne real estate veteran.
“Having Winston at the head of the business gives us every confidence in its rapid growth and success,” he said.
Sharing that the new agency would allow the group to better service its growing client base across Victoria, Mr Ho added: “The new Melbourne team will provide an even greater presence for Juwai IQI in Melbourne, which is one of Australia’s most vital real estate markets.”
Fellow co-founder and group chief executive Kashif Ansari has also heaped praise on Mr Lo, calling him “one of the best in the industry, as he brings business and financial skills from a first career in finance at world-class companies such as Accenture”.
“Under Winston’s leadership, the new office launches with a team [of] experienced professionals in the local market and at the top of their field,” he continued.
Mr Lo has spent the last 10 years serving as the managing director of the Hot Spot Property Group.
Weighing in on his new role, the head of IQI Victoria said that becoming part of the IQI network “represents a tremendous opportunity for us to better serve developers and buyers in Melbourne”.
Explaining that the establishment of the new business aims to serve local and offshore buyers and developers alike, Mr Lo sees the Melbourne market as continuing to grow in popularity into the future, sharing his expectations for “strong long-term demand from both local and overseas buyers”.
Juwai IQI sees several reasons to be bullish about the local market’s long-term prospects, including strong population growth, a significant increase in immigration, and increased investor activity.
The group’s own analysts expect residential prices in Melbourne to begin climbing again in 2024, making the next 12 to 18 months a “favourable” buying window.
Overseas demand is already strong, according to Mr Lo, who has flagged that Hong Kong residents are already looking to Australian residential purchases for immediate occupation — or at a potential future date.
He outlined that purpose-driven buyers seeking property for their own use already represent the largest share of the foreign buyer market, followed by pure investors seeking diversification and total returns.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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