Perth prestige property agent gains global reach
Perth prestige property agent gains global reach
One of Perth’s most renowned prestige property market agents, who once sold elite suburb Dalkeith’s most expensive property for $39 million, has forged a strategic partnership with international property giant Knight Frank.
The relatively small but highly regarded Mack Hall Real Estate, with three offices in Perth’s leafy western suburbs, is now part of a team that lays claim to being the only truly global residential agency in Western Australia.
The partnership, branded ‘Mack Hall in Association with Knight Frank’, means the two businesses will work together in the luxury residential space to secure listings and service clients.
The move comes as Perth’s prestige property market continues to grow, with international markets taking more of an interest in the West Australian capital.
Knight Frank’s The Wealth Report 2021 found Perth was the top ranked city in Australia for luxury residential price growth over 2021.
Buyer interest is coming from locals as well as globally, with the West Australian capital ranked 34 in the world for luxury residential price growth, with 3.6 per cent annual growth, up from 0.9 per cent one year earlier, when it was ranked 63.
The research also found Perth had the third highest growth of high-net-worth and ultrahigh-net-worth individuals in Australia over 2020, accounting for 11 per cent of the growth in the nation, positioning the city behind Sydney and Melbourne.
Mr Hall said the partnership with Knight Frank would provide luxury property sellers with the highest level of service in the market, with an unmatched global reach.
“It has been my contention that sellers of prestigious property are going to want more than a High Street agent and their local background,” he said.
“There are several top agents in our market but do they have access to the best network in the world, and particularly Southeast Asia.
“Knight Frank has more than 500 offices globally and a massive presence in Jakarta, Singapore, Kuala Lumpur, Bangkok, Hong Kong, Shanghai and Tokyo, as well as its Australian offices.
“We will be the only global residential agency in Western Australia, and our customers can be part of this opportunity.”
Steady start, solid growth
Formed in 1994 and operating as a single office real estate agency in Claremont until as recently as 2014, Mack Hall Real Estate arguably appeared an unlikely candidate for an international partnership of this ilk.
But the addition of an office in West Perth in 2014, a third in riverside suburb Applecross in 2018 and a focus on the type of properties of interest to overseas clientele led to the collaboration that gives the international partner valuable local insight and stock and the local partner a global network of potential buyers.
“We expect to benefit from two distinct markets, namely returning expatriates from Asia and buyers from Indonesia, Malaysia and Singapore,” Mr Hall said.
“There is increasing interest too from Hong Kong and mainland China but they do still tend to lean heavily towards Sydney, maybe Melbourne, as well as the other major international centres like London and New York.”
The prestige property market in Perth is growing steadily but Mr Hall said sensibility had returned to the mid-tier market around the $3.5 million mark, while the top end was still booming.
“Perth’s most expensive suburbs, such as Cottesloe, Peppermint Grove and Claremont, and regionally in Dunsborough (in the southwest), had soared upwards of 20 per cent in the past six months but had started to calm down in the mid-tier of that market,” he said.
“There is still a shortage of super premium stock, with the market strong, and continuing to head up, in the very wealthy $10 million to $20 million range.”
Extensive personal portfolio
The Knight Frank deal represents something of a full circle for Mr Hall, whose very first real estate role was with the late Justin Seward, later of Knight Frank, and whose son Steve is currently in Knight Frank’s Perth office and was instrumental in initiating the partnership.
Mr Hall went on to set many residential sales records, become state auctioneering champion and represented Western Australia at the Australasian Auctioneering Championships. He has sold more than $3 billion worth of western suburbs real estate in his career.
As a 22-year-old in the 1980s, Mr Hall was earning $50 a week working at Qantas when his mother encouraged him to invest in property.
After some trials securing finance, he bought a house in Subiaco for $12,000 (median price today $1,385,000) and 15 months later had made a few years salary by selling it for $22,000.
He has since developed a major portfolio of multiple properties, including small commercial and regional properties.
Nowadays, if not working a seven-day week, he’s most at home on the golf course or building his reading library on his 50-acre block in Yallingup, in the state’s scenic South West.
International meets local
Knight Frank Partner and Head of Western Australia Craig Dawson said the partnership would be a mutual value-add opportunity for both Knight Frank and Mack Hall Real Estate.
“We are very excited to enter into this partnership with Mack Hall Real Estate, which is the premium residential real estate agency in Perth, selling the finest properties in the finest suburbs,” he said.
“The Perth residential market is experiencing strong growth, particularly the luxury market, which is the result of a combination of factors, including the way COVID-19 was handled, as well as a boost to population growth with improved mining activity and resilient commodity prices.
“We expect growth to continue this year, with the city boosted by ongoing confidence, as well as low interest rates and pent up demand, as we are seeing through the whole of Australia at the moment.