Join us for 5 minutes whilst we profile our agents around the country. Today, we profile Nick Lower, NSW State Director Metropolitan & Regional Sales.
- How did you get started in property?
In a previous life I played sport professionally, and as part of the AFL’s education program they encouraged players to work on their day off. Having studied commerce, I had an interest in business and property so my player manager (which was my brother) managed to secure me a job at CBRE in their City Sales division. Very quickly I realised this was what I wanted to do post my sporting career. - What is happening in your market right now?
Like many markets, 2020 has been an interesting year. As our team is across a diverse range of assets and geographic locations, we’re exposed to a broad market and have been fortunate to continue to see transactions take place. Q2 saw a number of buyers retreat from the market, but as the ASX begin rallying and interest rates dropped, we saw a strong resurgence from buyers which has been the continued story across the year. - How has COVID affected your market? What are you/ your team doing to combat this?
The level of transactions has seen a decrease in numbers, though we are seeing the buyer enquiry numbers continue to rise rapidly. With the cost of debt decreasing during this pandemic, many purchasers are actively seeking opportunities to acquire, especially well located investment opportunities where buyers are comfortable in the strength of the tenant. - When do you think the market will bounce back?
I believe we are already seeing strong signs of recovery. As we move toward Q1/2021 it seems there will be some potential ‘hiccups’ as the stimulus and moratorium expire, but with consumer confidence continuing to improve and the likelihood of national travel being back on the agenda I feel the market may hold strong. - What is one tip you would give investors/landlords right now?
Do your homework. Anyone with money to spend currently is likely to feel a level of impatience due to the lack of stock and the lack of return they are experiencing with the banks. Having spoken with many private investors, those who are diligent and have the ability to act quickly (which can only be done if the homework on an asset has been done) are seemingly purchasing well. - What is one tip you would give owners right now?
If selling your asset in the next 12-24 months was always on the cards, now may be the best time to make that call.
If becoming a lessee in the next 12-24 months was always on the cards, now is be the best time to be negotiating with landlords to strike a good deal. - Name one career highlight from the past 12-18 months & why
During this pandemic we brought 37 Ultimo Road, Haymarket – The Ultimo Hotel to market which involved a number of business lines internally. Considering the state of the world we knew there would be challenges, but we were confident on delivering an outstanding campaign. After closing the Expressions of Interest only a few weeks ago and after having over 350 enquiries and more than 12 offers, it was pleasing to see the might of the Savills network and machine at play. - Tell us about the most unique/special property you’ve sold
There has been a number in my time, but I still remember my first. Having started my career in Melbourne, my first task was selling a company share office (an old form of strata title) which had been on the team books for 4 years. It was incredibly challenging as few banks lend to this ownership structure, but being located at the top end of Collins Street I was certain I could get the deal done. After months of inspections, finally I transacted the property and I still remember how proud I was.
Learn more about Savills Metropolitan and Regional Sales services.