Varun Pinto, a now-familiar name in Australian real estate, transitioned from a merchant navy career to make substantial waves in Townsville’s property market. Our recent sit-down with him sheds light on market trends, the factors contributing to his accelerated success, and his forecast for Australia’s real estate future amidst global economic uncertainty.
The upbeat mood Varun conveys about Townsville’s property market since our last conversation is hard to ignore. “The market has bounced back really strongly,” he states. Buyer confidence, despite earlier setbacks from interest rate hikes, is rejuvenated, evident from larger crowds at open homes. A quicker turnover in the Days on Market (DOM) along with a sparse inventory—only 1,300 properties in all of Townsville’s Greater Region—are driving this reinvigoration.
When questioned about his remarkable accomplishment of closing sales on approximately 80 properties, a third of those within the last year, Varun is quick to share credit. “Success cannot be achieved if you do not have a network of a support team, family, friends, and well-wishers,” he underscores. Of course, mental strength, discipline, and staying humble have been his personal north stars.
The resilience of Townsville as a real estate haven, according to Varun, is fortified by several factors. The town remains 80-85% insulated from economic downturns affecting other markets. “The median price in Townsville along with a strong return on investment are key,” he notes. The additional factors of a growing population and high rental prices make Townsville an irresistible proposition for investors across the country.
As for lessons that other struggling markets could potentially learn from Australia’s real estate resilience, Varun believes migration plays a critical role. However, he diplomatically steers clear of commenting on the intricacies of other countries’ real estate dynamics.
Looking ahead to 2024, Varun expresses reservations about making predictions, citing the unpredictability of both rental and owner-occupier markets. “It’s really challenging to predict the markets in 2024,” he admits. The one certainty, according to him, is that the balance between demand and supply will inevitably shape the market’s future trajectory.
Those looking to steer their careers into the property sector would do well to heed Varun’s uncomplicated yet poignant advice: “You either go all in or stay out.” This philosophy has been a cornerstone of his own journey, enabling him to navigate the often stormy waters of real estate investment with aplomb.
On the subject of policy, Varun’s assessment is that existing frameworks have adequately stabilised the Australian market for a prolonged period. Any temptation to experiment could be perilous, particularly in a volatile global economic landscape. “We are seeing a shift in economic power with Asian countries quickly making their way up the GDP charts,” he observes, stressing that how this shift impacts Australia, a migrant country, remains to be seen.
Closing on a contemplative note, as Diwali’s glow spreads its message of light triumphing over darkness, Varun’s thoughts veer towards the sombre. “I would like to save the light for the war-torn nations at the moment,” he muses, highlighting that the quest for goodness transcends even the most bullish of markets.
Varun Pinto’s narrative continues to be one of resilience, ethical sensibilities, and an unfaltering pursuit of excellence. His insights not only chart the course of Townsville’s real estate sector but also offer a barometer for Australia’s broader economic climate. The next chapters in his journey are eagerly awaited, as are the wider impacts they are bound to have on an ever-fluctuating property market.
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Varun Pinto's success in #Townsville's #realestate market is driven by factors like market resilience, a strong support network, & unpredictability in future market trends. 🏡💼🌟 #TheIndianSunhttps://t.co/twlLdZLjJH
— The Indian Sun (@The_Indian_Sun) October 27, 2023