From writing paper listings for properties to watching the stock market crash in the early nineties, our team has seen it all and understand the importance of remaining on top of trends to stay relevant in an ever-changing market.
This month, we sat down with some of our long-standing staff members to learn more about the biggest changes that they have seen at CVA over the past 20 years.
1. Technology and communication
Communication was once limited to only two-way radio and the office dial phone until the emergence of in-car mobile phones, which revolutionised the industry. Although these cost almost as much as an entirely new car, they opened up additional opportunities for communicating with clients and potential buyers or tenants.
20 years ago, everything was done by phone and paper, unlike today where all the information we need is available online at the click of the mouse. There used to be a lot of paper shuffling with only faxes to work with, making it nearly impossible to do accurate credit checks. Now, rroperties can be viewed online quickly, resulting in much quicker transactions and more information being readily available.
The most important thing we have learnt from the development of technology is that now, more than ever, we need to be transparent and honest with clients – something we pride ourselves on. No matter what form of communication, we have always tried to create and maintain personal, long-term relationships with locally based clients to deliver an enriched property experience.
Melbourne itself has changed dramatically over the years. The introduction of transport systems such as the Western Ring Road and the train network has resulted in more locations being accessible. Our population is now much more widespread, with commercial areas slowly expanding further and further out over time, meaning more properties have been developed and additional opportunities are always arising within the commercial real estate space.
For example in Melbourne’s South, the Monash precinct (Mulgrave, Clayton, Clayton South and Springvale) was once the centre of industrial activity, but now areas further out in Clyde and Cranbourne have more commercial properties on the rise as the city expands.
3. Property prices
In 1997, the median property price in Melbourne was $177,000 and now, 20 years later, Melbourne is home to some of the most expensive commercial property in Australia. Prices are ever-changing and it is important to keep up with these changes to ensure your property is valued at the correct price.
4. The office space
CVA has grown from a small team of six to a dynamic team of over 40 people, with nine of our employees having worked with us for over 15 years. During this time our office space itself has changed dramatically. CVA’s first office was located on Collins Street in Melbourne’s CBD with just standard desks, white plastic chairs and computers with no emails or internet. Today, our office on 18-20 Russell Street features two levels of offices, reception area, numerous meeting rooms and a rooftop balcony.
We are incredibly proud of how far CVA has come and our ability to keep up with the many changes that have occurred over the years. Our extremely low staff turnover rate is a testament to our company culture, with around 40% of our staff having worked with us for more than five years.
Through innovation, crossing boundaries and problem solving we have been able to keep up with trends and changes and are excited for the future of the commercial property industry in Melbourne.
Contact us today for more information about our team and our Melbourne experience on 03 9654 2311.