INTERVIEW: MONIKA TU, Founder / Director Black Diamondz Group
Where her Chinese-focused business is headed given ongoing COVID constraints.
By Terry Christodoulou
Mon, Mar 15, 2021 7:01am
3 min
3 min
Monika Tu doesn’t mince words. Nor does she carry any passengers.
How else to explain what is now a rather well-worn tale – a story, hers, that details a Chinese immigrant who landed in Australia from Shenzhen in 1988 without any English.
She studied, claimed an RMIT scholarship and subsequently turned a basic market stall into a successful international electronics business. She’s since found incredible acclaim — and arguable dominance — as a property agent within Sydney’s tightly-held prestige property market.
There’s more to her work than simply opening residential doors — helping to forge and foster cultural and community links for her largely immigrant (predominantly from China, Middle East, Europe) client list, alongside arts philanthropy and an unwavering dedication to each and every day.
We caught up with Tu to discuss the difficulties of 2021 — and to better understand the road ahead.
Kanebridge News: There’s an incredible resilience that seems to frame the Sydney prestige market – but how difficult was 2020 in regards to your business and key clients?
Monika Tu: Obviously, Covid-19 had huge impacts on many businesses last year and ours was no exception. The restrictions on international travel hit us hard, however, we saw a surprising rise in local Chinese buyers wanting to buy a property quickly. People may think that most of our buyers are international. However, that’s not the case and many of these people had been holding out for the ‘perfect’ property — but when Covid hit they relaxed their expectations slightly because their main aim was to secure a property.
KN: And how do you view the road ahead?
MT: I see the market continuing to do well. The prestige market will always follow a different trajectory to the general market, but I don’t see things slowing down. With the influx of movie stars and wealthy individuals wanting to call Australia home, there’s only one way prestige property is going, and it’s up.
KN: There’s a belief in some economic quarters that things must naturally end, and soon.
MT: People have always said this, even prior to the pandemic. But Sydney and Australia’s prestige property market is robust, resilient, and has proven itself repeatedly. As long as Australia is seen as a world-class lifestyle destination, people will always be willing to pay.
KN: What was the allure of property that made you start Black Diamondz?
MT: If I’m honest, it wasn’t so much the allure of property that made me start Black Diamondz. It was the gap in the market of servicing the multitude of high net-worth individuals, predominantly from China, who were looking to call Australia home. Some agents were more than capable of finding them a great property but could not open other doors such as schools, lifestyle, business opportunities, networking, and philanthropy. This is the gap that I knew I was able to fill.
KN: How did you get your start in the prestige market?
MT: Black Diamondz really started by chance. There were a lot of conversations at the dinner table about new migrants searching for luxury homes, but a lack of services or guidance for them when it came to making decisions. One of my friends had a friend from China looking for a property and was having no luck with local real estate agents. I took him for a drive around Sydney’s Eastern Suburbs and just asked him what type of house he liked. He picked one, I knocked on the door and the owners said it was not for sale. Fast forward five days later and they sold it for $13.5 million. That is when I realised the need for this type of service was out there and took full advantage.
KN: Does the size of the deal you’re working to close ever intimidate, or is it something that drives you?
MT: For me it’s never about the size of the deal. I treat a $5 million apartment with the same work ethic that I treat a $50 million home. For me it’s all about giving my clients, both buyers and sellers, the very best experience possible.
I love smashing records, like selling Sydney’s most expensive home in 2019, but those things don’t happen every day and if that’s what drives you, you won’t last long in real estate.
KN: What do you think gives Black Diamondz a competitive edge?
MT: On the surface, it’s our proven ability to achieve consistent, market-leading results over the past ten years, as well as our international database. But deeper than that is our standing within the community. I know almost everyone in Sydney, and I have nurtured these relationships over the years. This is the key to a successful real estate business — your network and influence.
KN: You’re a self-confessed workaholic, is that a necessary mindset to achieved success especially in the market you work?
MT: I think the entrepreneurial mindset I have is what has made me successful — not only in real estate but in life. I never stop working but I also don’t see it as work, it’s my life and it’s what I do day in, day out.
High rents and rising values are inspiring greater investor activity this year
By Bronwyn Allen
Fri, Jun 28, 2024 3 min
3 min
Advertised rents on houses and apartments have risen by more than 40 percent nationwide since the pre-pandemic period, with a shortage of rental homes and record levels of net overseas migration pushing weekly rents higher and reducing vacancy rates to historical lows, said Proptrack senior economist Eleanor Creagh.
However, Ms Creagh said the pressure in Australia’s rental market should ease over the next year as overseas migration falls, with the Federal Government expecting it to halve from here. Meantime, home values have continued to lift because the supply versus demand imbalance is now so great it is trumping the traditional dampening effect of rising interest rates on prices. Proptrack data showed the national median value lifted for the 17th consecutive month in May.
“Despite a rise in the number of homes for sale this year, strong population growth, tight rental markets, and home equity gains are all contributing to demand, while the supply side of the housing market has fallen short and as a result, home prices reached a fresh peak in May as robust demand has continued to push prices upwards,” Ms Creagh said.
More investors are in the property market this year due to strong rental yields and continually rising values. Ms Creagh said lending to investors had reached record levels in Queensland, South Australia and Western Australia, which are the strongest states at the moment for capital city price growth and rental demand.
Proptrack has published data showing the top suburbs for rental yields in both the capital cities and regional areas of each state, as well as the suburbs with the highest capital growth over five years.
Here are the results for the five mainland states.
NSW
The suburbs with the highest rental yields for houses in Greater Sydney are Killarney Vale 4.2 percent, Watanobbi 4.1 percent, Blue Haven 4.1 percent, Woongarrah 4.1 percent and Airds 4.1 percent.
In the regions, the top rental yields can be found in Broken Hill 9 percent, Cobar 8.5 percent, South Lismore 8.3 percent, Boggabri 7.5 percent and Moree 7.2 percent. The top suburbs across NSW for capital growth over the past five years are Finley 126 percent, Culcairn 123 percent, Hay 108 percent, Broulee 106 percent and West Wyalong 105 percent.
Victoria
In Greater Melbourne, the suburbs with the highest rental house yields are Wollert 4.4 percent, Coolaroo 4.3 percent, Dallas 4.3 percent, Koo Wee Rup 4.2 percent and Roxburgh Park 4.2 percent. In the regions, the best rental yields for houses can be found in Red Cliffs 6 percent, Mooroopna 5.9 percent, Numurkah 5.9 percent, Stawell 5.8 percent and Morwell 5.6 percent.
The top Victorian suburbs for five-year capital growth are Warracknabeal 119 percent, Orbost 108 percent, Beechworth 102 percent, Myrtleford 100 percent and Euroa 99 percent.
Queensland
The suburbs with the highest rental house yields in Greater Brisbane are Laidley North 6.1 percent, Laidley 5.6 percent, Churchill 5.5 percent, North Booval 5.5 percent and Russell Island 5.4 percent. In the regions, the top rental-yielding suburbs are Collinsville 10.4 percent, Moura 10.1 percent, Moranbah 9.7 percent, Pioneer 9.6 percent and Blackwater 9.5 percent.
The Sunshine State’s fastest-growing suburbs for home values over five years are Mount Morgan 157 percent, Woodford 126 percent, Dysart 122 percent, Mount Coolum 121 percent and Worongary 114 percent.
South Australia
The suburbs with the highest rental yields for houses in Greater Adelaide are Eyre 5.6 percent, Elizabeth North 5.6 percent, Smithfield Plains 5.6 percent, Munno Para 5.4 percent and Salisbury North 5.4 percent. The best rental yields in regional South Australia can be found in Whyalla Norrie 7.9 percent, Risdon Park 7.8 percent, Port Pirie South 7.8 percent, Whyalla Stuart 7.7 percent and Port Augusta 7.6 percent.
The top South Australian suburbs for five-year capital growth are Elizabeth Downs and Elizabeth North – both at 135 percent, Elizabeth South 127 percent, Elizabeth East 123 percent and Hackham West 117 percent.
Western Australia
The suburbs with the highest rental yields for houses in Greater Perth are Hilbert 6.4 percent, Medina 6.3 percent, Stratton 6.3 percent, Balga 6.3 percent and Dayton 6.2 percent. The best rental yields across regional areas can be found in Kambalda East 12.2 percent, Kambalda West 11.2 percent, Nickol 11 percent, South Headland 10.9 percent and Newman 10.7 percent.
The top West Australian suburbs for capital growth over the past five years are South Hedland 135 percent, Rangeway 116 percent, Darlington 115 percent, Cooloongup 114 percent and Spalding 113 percent.
