With over three decades of experience in the Canberra real estate market, Paul Corazza has seen it all.
As a seasoned agent and director at Independent Property Group, Paul’s deep-rooted connection to Canberra and his extensive knowledge of the industry provide a unique take on the evolution of the local property market.
In his interview with Soho.com.au, Paul shares his journey, the changes he’s witnessed, and practical advice for anyone looking to make their next move.
A Career Rooted in Canberra
“I’ve been with Independent Property Group for 32 years,” Paul begins, underscoring the longevity of his career. “I haven’t moved around to any other agencies or anything like that. I’ve enjoyed my career here”.
His deep ties to Canberra become clearer as he talks about his roots in Gungahlin. “I’m Canberra born and bred. When I first started in real estate, that particular area was basically non-existent. So I’ve watched every street, every house, every commercial property rise from the ground up,” he recalls.
And when we ask what’s made Paul stay in the property industry all these years – “it’s the fact that every day, although it can be the same, is always different.”
Canberra’s High Vacancy Rate: Implications for Landlords
According to Paul, “Canberra currently has the highest vacancy rate in Australia.”
From a landlord’s perspective, Paul advises landlords to ensure their properties are well-maintained and attractive to potential tenants.
“Landlords need to understand that while they can charge more, they’ve also got to keep the property in good shape,” he explains. With more properties on the market, the quality and presentation of a rental property can make all the difference in securing a tenant.
The high vacancy rate also suggests that landlords might need to reconsider their pricing strategies to attract renters in a more competitive market.
“Pricing these days is not like back when we had more overseas students in Canberra looking for accommodation. Those days are over. We need to make sure that that property is in the right bandwidth of where it needs to be, because when you’re competing with so many, it’s a race to the bottom.”
As Canberra continues to hold the highest vacancy rate in the country, both renters and landlords are in a position where careful decision-making is key to success in the rental market.
Increased Property Listings: Impact on Buyers
When it comes to the real estate market, Paul points to the 30% increase in properties on the market this year as a sign that buyers no longer feel the urgency they once did.
“Getting a buyer to commit and make a decision is a lot harder than it used to be. The fear of missing out is not there.”
But there is a solution for sellers, even in a buyer’s market: “The secret is positioning it properly from the get-go. Buyers are looking at reasons why not to put a property in their shopping cart, so you’ve got to hit it from day one.”
For Paul, this means making sure to list on all platforms, staging the home to perfection and pricing it realistically.
“Buyers are more educated right now than they’ve ever been before. They’ve only got so many hours to go and look at properties. So the only thing I can then do is make sure that that home’s positioned correctly for them to come and view it.”
Government Policies and Market Shifts: The Vanishing International Investor
A major shift in the Canberra real estate scene is the dwindling international investment, largely thanks to the Foreign Investment Review Board (FIRB) tax.
Paul points out that the FIRB tax, which has climbed to nearly $30,000 for a single property application, has made many overseas buyers think twice about making a property purchase.
This decline has rippled through the local market, especially in areas that once saw strong demand from international buyers.
With fewer overseas investors, local buyers have less competition, but it also means that some parts of the market aren’t as hot as they used to be.
Buying Off the Plan vs. Building New: Insights from Paul Corazza
In today’s Canberra market, the appeal of buying off the plan or building new has shifted. Paul Corazza explains, “Right now, it’s cheaper to buy an established property,” as soaring land and construction costs have made new builds less attractive.
He highlights that while buying off the plan was once lucrative with government incentives, those days are gone.
For example, apartments in the Northbourne Avenue corridor are now priced about $70,000 higher off the plan compared to nearly identical, slightly older units.
Paul emphasises that the market runs in cycles. “When building new becomes too expensive, buyers will naturally move towards established properties,” he says. This shift is evident across Canberra, where established homes offer better value for money in the current environment.
The Emotional Side of Real Estate: Beyond Transactions
But real estate isn’t just about buying and selling properties; it’s about the lives and stories behind each transaction.
Paul shared a particularly poignant experience where he helped a single mother who had faced numerous challenges in her journey to sell her home. Due to circumstances beyond her control, her dream of building a new home had turned into a three-year ordeal.
By the time Paul stepped in, she was living on milk crates and a cardboard table, with her savings depleted by escalating rental costs and rising interest rates.
Paul’s approach was both compassionate and practical. He quickly mobilised resources to get her home market-ready, offering a system where the costs could be deducted from the sale proceeds.
Within days, the house was prepared and listed, ultimately leading to a successful sale. “We have a system where we can pay for things at the end so, I had it on the market in 7 days,” Paul recounts.
This story shows how real estate is more than just transactions—it’s about people. Agents like Paul go the extra mile, turning tough situations into positive outcomes and truly making a difference in their clients’ lives.
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