Why Opportunity Is Knocking for Business and Brokers in WA
Why Opportunity Is Knocking for Business and Brokers in WA
The economy in Western Australia is strong, according to Rajiv Rajan, the Chair of the WA Committee of AIBB. “We’ve got historically low unemployment rates (we’re below 4%), so there’s an abundance of jobs,”
Rajiv believes that this has been driven, in part, by positive net migration, with many moving to WA from the eastern states.
“Our annual population growth is over 2.5%, which is well above the national average. We see some very experienced business people looking for opportunities here, and others are relocating for the chance to move from employment to business ownership. They are selling their homes in the eastern states for a small fortune and buying here where the prices are rising, but still affordable, by comparison.”
“And this movement is not confined to Perth. We’re seeing a good shift to regional areas too,” Rajiv continued. “Regional centres like Kalgoorlie and Albany are seeing a real resurgence. Albany, in particular, has big organisations investing in the port and the local agricultural industry. There’s a strong regional economy there that many people
are keen to tap into.”
Consequences for Business and Brokers
This sustained strength has many flow-on effects. Rajiv highlighted a few.
“The population growth means that our consumer base and labour pool are growing and creating new opportunities for small businesses,” he observed. “But the strong economic activity means our inflation rate is higher than the national average.”
“The abundance of jobs means that sales of Mum and Dad type businesses struggle as that buying population chooses to drive buses, work in the mines, or take jobs that pay similar money without the business risk,” Rajiv explained. “But at the higher end, larger businesses making profits of $300,000+ a year, there is strong demand.”
“We have a consistent state government committed to supporting the resource sector and the business community in general. The economy looks quite solid when we couple that with the increase in consumer confidence from the recent interest rate cuts”
“As a broker, you want that stability because it gives buyers and lenders a degree of comfort that they’re investing in a strong platform,” Rajiv added.
The WA Business Broker Community
Rajiv estimates that there are almost 100 brokers in Perth, with about 50% being AIBB members. He noted that almost all are based in Perth.
“There probably isn’t enough to sustain a broker living in regional areas permanently because it’s a smaller business community and a smaller turnover rate.”
He continued, “I go to Hedland and Karratha as well as Albany and Kalgoorlie. I have commercial relationships with Real Estate Agents, accountants and lawyers in those places who refer clients, and I make it my business to get out there and see what’s happening on the ground.”
“I’m seeing a gradual and positive change in the broker community. New faces are appearing, and the demographics are changing. The community is more diverse now than when I started. And this is good for business.”
Rajiv’s Role at the AIBB
Apart from being on the WA committee, a position he has held for 11 years, Rajiv is the Chair of the AIBB Complaints Committee. “It's an interesting, challenging, and insightful role,” he remarked. “You pick up on the common themes clients feel aggrieved about and see the inconsistencies across broker practices. This is a critical area where AIBB training programmes aim to help improve skills and embolden competencies in our industry.”
“Of course, we can only review complaints about current AIBB members. We direct the others to the Office of Fair Trading in the relevant state,” Rajiv explained.
“The Complaints Committee is made up of a cross-section of members. Most of us are experienced in the sector and have not just completed basic qualifications. Many have secondary and tertiary qualifications, and some are qualified valuers. We take a broad interest in ensuring all members abide by our Code of Conduct and the ethical standards.”
Expectations of the 2025 Conference
The opportunity to catch up with other brokers is a clear benefit for Rajiv. “Those of us in WA are isolated from our industry peers and seldom meet Eastern States peers face-to- face. The conference is an ideal time to get together; we always take advantage of that. And, being in Adelaide, we don’t have to suffer that long flight to the east.”
“This year, we have excellent speakers covering various relevant topics. The conference committee members are all AIBB members who are invested in the content. As always, the topics are selected to motivate and educate attendees.”
“For example, last year we covered AI and incorporating AI into our business broking practices. Even at the basic level of taking notes during Zoom calls with clients, it makes life easier, so exploring AI at the conference has benefited me and, I suspect, everyone else who implemented the ideas.”
“I expect to take away at least 10 insights for this year’s varied programme”
The Future for the AIBB
As for Rajiv’s vision for the future of the AIBB, “In the last two years, we’ve seen some real fundamental leaps in the structure of the organisation and the direction in which we’re travelling.
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