Queensland or NSW? Seven Business Brokers on How Their Markets Differ

by Vanessa Lovie-Yousaf 25th of September, 2026

Queensland and New South Wales share a border, but they are separate markets. Each has its own state government, its own regional economies and its own licensing requirements for the brokers who work in it.

They also share plenty. Many of the same business types are for sale in both states, and many of the same buyers move between them. Talk to the brokers on each side, though, and differences start to appear in who is buying, what they want and why they are buying at all.

We drew on Bsale's recent interviews with brokers in NSW and QLD, specifically Brisbane, North Queensland, Sydney, Newcastle and the Central Coast to see where their experiences line up and where they differ.

Buyers Are Still There, But Cautious

On both sides of the border, brokers describe buyers who are active but careful.

Davina Lacey, who owns Stockbridge Business Brokers in Brisbane, sees buyer confidence move in waves. Interest rates, political announcements and global events cause hesitation, but she hasn't seen that hesitation last.

"Everyone sort of withdraws," she said. "Then confidence goes back up and the world's still moving as usual."

In Sydney, Sukhdeep Mangat of LINK Business Brokers describes buyers who are in the market but want detailed financial information, consistent revenue and reliable cash flow before they commit. At the same time, she finds many vendors struggle to understand why a business they have built over 10 or 20 years cannot be sold quickly.

Roland West, who has been with LINK Business Brokers in Brisbane since 2014, believes the Brisbane market remains healthy, with one condition.

"A good business, if it's priced correctly, generally attracts interest," he said.

The End of Buying Yourself a Job

One change comes up repeatedly in both states. Buyers are far less willing to pay for a business that simply replaces a wage.

Roland sees a clear gap between stronger, higher-quality businesses and the smaller "buy yourself a job" segment that used to be much more active. As employment opportunities and wages have improved, fewer buyers are prepared to take on a business purely to secure an income.

John Ramsay, who has spent 30 years broking on the Central Coast, sees the same shift in hospitality. Businesses that once appealed to owner-operators earning $60,000 to $80,000 a year, he said, now need to generate substantially more income to attract buyers when interest rates and operating costs are higher.

Many buyers now want the opposite of a job, they want a business that runs under management. Sukhdeep sees that demand regularly, and she is direct with buyers who expect the business to look after itself.

"There's no business like that which runs on its own," she said. Even under management, she believes an owner still needs to be involved, check what is happening and stay engaged.

Hospitality Depends on Where You Stand

Hospitality is where the brokers' experiences differ most.

In Sydney, Sukhdeep has watched cafes close on busy streets as food, rent and operating costs rise. A coffee that once cost around $3.50 can now cost $6.50 or more, she noted, and some customers have started making their own at home.

In North Queensland, the picture is more mixed. Susan Butler, principal broker at Beyond 2000, has worked across the region for more than 22 years. She counts established regional hospitality operations among the most sought-after businesses in her market.

Davina doesn't see hospitality's challenges as entirely about the sector itself. In her view, the broader issue is less about individual industries and more about buyer confidence.

Roland agrees that hospitality is harder than it has been in previous cycles, but quality businesses in the sector still find buyers.

What Buyers Want Instead

When brokers in both states describe what is selling, their lists overlap considerably. Buyers want practical businesses with steady demand.

Roland's background includes a food distribution company he sold to Bidfood in 1999, and he still sees enduring value in businesses that move products through supply chains.

"People still need to get product," he said.

John has found distribution productive over the past four years. He also sees opportunities in business-to-business enterprises, small industrial businesses, and companies servicing tradespeople and hospitality operators in tourist areas, particularly those with a strong local presence and annual turnover above $1 million.

In North Queensland, Susan points to service businesses, cleaning companies and transport businesses.

"Quality businesses with consistent profits, reasonable rent, and systems that reduce reliance on the owner are particularly appealing," she said. Owner-dependent businesses, or those with high rents, declining profits or short leases, can be harder to sell.

In Brisbane, Davina sees strong interest in professional services, particularly accounting, bookkeeping and marketing firms. Health and fitness businesses remain active, although multiples have softened, and the buyers are changing.

"The new generation coming through and buying these businesses are about 20 years younger than the ones going out," she said.

Lifestyle Buyers Heading North

The clearest difference between the states may be the lifestyle buyer. Queensland brokers describe buyers arriving from elsewhere, many of them from NSW and further south.

"Our region continues to attract lifestyle-focused buyers, particularly people relocating from southern states who are drawn to the climate, affordability, and lifestyle opportunities," Susan said.

Those buyers are asking different questions, too.

"Ten years ago, many buyers were focused almost exclusively on profit," she said. Today, working hours, flexibility and work-life balance come up far more often.

Local Knowledge Still Matters

Brokers in both states stress that a broad view of the market only goes so far.

Shane Fox, who established Merchant Business Brokers in Newcastle in 2016, made the point while talking about the limits of AI and large data sets.

"There's markets within markets," he said. "Not one business in Melbourne or Sydney or a publicly listed company that it draws data from has anything to do with what's happening around the corner here in Newcastle."

In Queensland, Davina sees a different local problem, a shortage of specialist brokers in regional areas. Too often, she said, business owners end up relying on real estate agents, despite the significant differences between selling property and selling a business.

Local reputation matters to John as well. When a gym valued at $25,000 was too small for a conventional brokerage assignment, he offered introductions and guidance without charging commission.

"I think it's not good for your brand ignoring those small businesses, so I try to help them the best I can," he said.

Honesty Before the Listing

If there is one principle every broker here shares, it is being honest with the seller before the business goes to market.

Brisbane-based broker Arnold P Kelsey, who works under the ABS Business Sales banner and specialises in multi-million-dollar transactions, regularly declines businesses that aren't ready for sale or whose owners have unrealistic expectations about value.

"I will not take on a listing unless I believe that I can genuinely sell it," he said. "We only have one thing, our reputation."

In Newcastle, Shane learned the cost of taking on the wrong listings. Around 2018 or 2019, his desk was full of businesses he didn't believe in.

"I didn't want to take the upfront listing fee only to know the outcome was going to be Struggle Street," he recalled. He moved away from smaller businesses to focus on higher-quality listings.

For Sukhdeep, honesty starts with the appraisal. When a vendor asks her to list a business, she doesn't put it straight on the market.

"No, no, no. We need to do the appraisal first," she said. "Everything starts with doing a right appraisal. That means understanding the buyer as well as the vendor."

Susan puts it simply. "Integrity comes first," she said. "Honesty with both buyers and sellers is essential, even when conversations are difficult."

Working for Both Sides

Brokers work for the vendor, but two of them, in two different states, described almost the same philosophy about the buyer.

In Brisbane, Roland said: "I work for the buyer as much as I do for the seller. Without that balance, we don't have a deal."

In Newcastle, Shane said: "I truly believe that if you're working with and for the buyer, you're optimising how you're helping your vendor."

Davina is now taking Stockbridge across the border. The brokerage has secured a Victorian licence and plans to establish a presence there within the next six months, with New South Wales expected to follow. She sees the move as a chance to learn, not only to grow.

"I think each state should learn from each other," she said.

Tags: business brokers nsw qld buying a business selling a business