Agency spreads wings to ACT

National real estate network The Agency has unveiled plans for a bullish expansion into the Canberra market.

The CEO of national real estate network The Agency, Matt Lahood, left, has announced plans to push into the Canberra market with Peter Micalos at the helm.

National real estate network The Agency has unveiled plans for a bullish expansion into the Canberra market, with more than 1000 properties already on its books.

Expansion into the market has been on the cards since The Agency first launched in 2017. The real estate brand hopes to take advantage of the strong market fundamentals in the nation’s capital and hopes to establish itself with a pipeline of 1000 units to become available over the next 12 to 18 months, worth $500m.

The Agency chief executive Matt Lahood hopes to take advantage of the “golden triangle” between Sydney, Melbourne and Canberra to create a “truly national business”.

“The opportunity in the Canberra market is huge for The Agency and we are very serious about creating a strong foothold,” Mr Lahood said.

“There is room for another player in the Canberra market and especially for a brand that has an extensive national reach.”

Prices in the city rose 3.1 per cent in the year to January, while clearance rates have hovered around 70 per cent for the past two years, according to data from property researcher CoreLogic.

Demand for property is partly linked to the ACT having the lowest unemployment in the country at 3.1 per cent, with one in three residents working in the public sector. Population rose 1.5 per cent last financial year to 426,709.

“Canberra is a market that has defied the recent downturn in the greater Australian market,” Mr Lahood said.

The former general manager of development at prolific Canberra developer Geocon, Peter Micalos, has joined The Agency as a property partner and will head operations in the capital.

“Any business that has a national strategy like The Agency, if you don't plan to expand into Canberra at some point, your strategy is probably wrong,” Mr Micalos said.

Residential and project sales along with property management will be the focus for the new team when the office launches in March. The development of a commercial sale and management arm is also in the works further down the track.

The new office will add to the company’s 10 locations around the country, including inner Sydney, NSW’s Southern Highlands, Central Coast and South Coast, Melbourne, the Gold Coast and Perth.

None of The Agency’s offices are franchises.