New real estate peak body boss expects Sydney property to reignite
Just two weeks into his new role as REINSW's President, Thomas McGlynn took time out with API Magazine to discuss the housing issues confronting the state, Sydney's next big property market prospects, and a love of banging the gavel.
When the head of Australia’s oldest real estate institute in the most populous state identifies the parts of New South Wales likely to deliver the strongest capital growth, it is probably worth a read of what he has to say.
It’s been a big start to 2025 for Thomas McGlynn, with the CEO and Director of BresicWhitney announced as the new president of the Real Estate Institute of New South Wales (REINSW) after four years as a board member.
Mr McGlynn takes the helm of the 115-year-old peak real estate body at the relatively youthful age of 37.
Now a Bondi local, the doyen of the NSW property market was actually a Queenslander who completed his Bachelor of Business at Sunshine Coast University and began his professional career there, progressing to General Manager of Sales at McGrath where he worked for a number of years.
“That was a wonderful position at a time of growth for the company, including its first float on the ASX,” he said.
“I learnt a lot during that time and underwent a transformative period of professional and personal growth but after some time, I felt ready for the next step.
“It so happened that an opportunity to join The Agency as its National Director of Sales aligned with that,” he said, explaining the move south.
Growing up in the Maroochydore and Mooloolaba areas, Mr McGlynn had always had a connection to real estate.
His family owned and ran a successful local agency, and he knew he wanted to follow in their footsteps.
“I was equally committed to having a traditional university experience and ensuring that real estate was the path I wanted to take before fully committing to it, so I studied a Bachelor of Business and through that I realised how real estate was almost the perfect mix between traditional business, entrepreneurship, and leadership and I haven’t looked back.”
‘Structure sets you free’
Taking on such a prominent role at the REINSW at a time when the housing sector is beset by supply and affordability issues requires some serious time management skills when you are also the CEO of a company with 150 employees.
BresicWhitney, where he has been CEO since 2022, is an independent real estate group with offices across Sydney’s key lifestyle areas, namely the Eastern Suburbs, the Inner City, the Inner West, Lower North Shore and Hunters Hill.
He stressed that having a solid network within both organisations was the key to success.
“There’s a quote that I love: ‘structure sets you free’.”
“I focus on organisation, accountability and clarity for myself and those around me and that makes a big difference in being able to achieve outcomes that everyone can feel proud of,” he told API Magazine.
“Both of my roles are incredibly important to me and demand slightly different versions of myself.
“It does have its challenges of course - all work does - but I think managing time, energy and decision-making effectively is key, and I wouldn’t be able to do either role to the best of my ability without the great network of people I work with in both organisations.”
Sydney’s best property prospects
After achieving eye-watering median dwelling values, Sydney property prices have finally started to ease.
API Magazine asked Mr McGlynn if he saw this as an ongoing trend in 2025.
“We have definitely seen better buying conditions across the back end of 2024 and start of 2025, however, given how robust the Sydney property market is, we expect this slight downturn to be quite short-lived.
“History shows that when positivity comes into the market, which looks likely in the form of interest rate cuts, conditions tend to improve quite quickly.”
He identified a raft of very different markets as having growth potential in 2025.
“Greater Western Sydney and the Inner West continue to be real growth hubs given the investment in transport and infrastructure that’s occurred.
“There are also many regional areas that have tempered after the post-Covid price boom meaning they now present great value once again.
“There are also many parts of metropolitan Sydney, such as the Eastern Suburbs and Lower North Shore, that continue to present compelling capital growth year after year.
“These have historically been areas that investors have coveted and it’s those same reasons that are keeping demand high in those areas today.
“By and large I believe that anyone that’s looking to purchase should be searching for an area that has equal parts great lifestyle and equal parts industry and infrastructure.
“These are going to be great investment spots now and into the future.”
The issues catching REINSW attention
It is now a critical juncture in the property and building sectors.
Supply is obviously a key issue, with REINSW having been vocal in detailing the importance of tackling housing shortages, affordability issues, and an ongoing rental crisis.
Mr McGlynn agreed that simply turning on a tap to release more land for housing was not a sustainable or practical approach.
“I wish it was as simple as saying we can make more land available but unfortunately it’s not.
“There are many different ideas that have merit, but which require consideration and consultation.
“I believe the most important factor in getting us on the right track towards solving the housing crisis is collaboration, and bringing together all participants and stakeholders in the market.
“Young Australians, as the next generation, need to be included in that conversation too.
“Once we do that the debate will become more productive and we can start to make progress.”
Beyond supply, other pressing issues also confront REINSW.
“There are a few key areas we’ll be focusing on this year, from technology and AI to the new legislation around anti-money laundering.
“Many of these are new areas that have not been explored to their full extent, nor are we fully aware of their potential impact.
“It’ll be a focus of mine to ensure we take those findings back to the agent community to help educate and inform them.
“The other large area of focus is developing more concrete recommendations on housing strategy for NSW.
“REINSW needs to be part of the solution and play a leading role in this discussion, and we look forward to actively contributing to this in 2025.”
Under the pump but banging the gavel
Despite a workload that might cripple many people, Mr McGlynn still finds time to undertake one of his other real estate passions, auctioneering.
“I’m extremely passionate about auctioneering – there’s no better way to see exactly what’s happening at the coalface.
“You’re interacting with so many buyers and sellers, across many locations and property types on any given day, that it really does provide a deep understanding of the challenges that both buyers and sellers face.”
So we had to ask, what would he do if he was selling his own property?
“If I were selling my property, I’d choose auction!”