Aswin De Silva has been announced as the new CEO of the Real Estate Institute of Northern Territory (REINT), starting in the role on February 2.

Mr De Silva replaces former CEO Quentin Kilian, who held the position for over 12 years.

Mr De Silva hails from Sydney, and has experience in Australia and overseas, and is a Fellow of the Chartered Institute of Management Accountants UK and a Fellow of the Institute of Chartered Accountants Sri Lanka, along with experience in membership-organisations including American Express and NRMA.

The NT Independent sent Mr De Silva a brief Q & A to get to know him better and what he envisions for the real estate industry in the NT.

Q: Tell us a little about yourself.

A: I am a CPA and CA with broad and senior management experience in Strategy, Risk Management, Finance, Operations and Business Development.

Over the years I’ve worked in banking as Director and Country Head at American Express in Asia and Europe for 14 years. Sydney-based NRMA, a large membership based organization providing road side assistance as Head of Business Intelligence and Performance for 8 years, UNICEF Australia as Head of Strategy and Governance, KPMG Sri Lanka amongst several other companies.

I’m married with two children and have lived in Sydney over a considerable period.

I’m passionate about following economic and political trends nationally and internationally along with supporting ‘Wallabies’ in Rugby Union. I’m also keen on working out at the gym and recently got on to golf. Generally, a naturally fun-loving character always looking forward to having good red wine with like-minded people.

Q: Do you have anything you would like to say to Territorians about the real estate industry here at first glance?

A: All stakeholders should work together collectively to drive sustainability on growth of the industry. Saying that we need to reduce the mismatch of currently prevalent strong demand with available supply of properties lagging behind.

We need to reduce the vacancy rates on rental properties through higher volumes stock. Investors and the construction industry requires an impetus to increase availability which will encourage relocation opportunities for potential renters from other states.

For now, Territorians should leverage on the buoyancy in the market place to invest in affiliated businesses in retail and consumer product outlets.

Darwin is also witnessing a divergence in median house/unit pricing in areas close to each other. Given this scenario, Territorians should always be on the lookout for good deals which could generate substantial savings. This is broadly seen in the residential market in houses and units.

Q: What challenges does the NT real estate market face?

A:

1. Sustainability of growth – Retail and commercial property investors need their business cases to stack up in capital appreciation and growth in economy. Commercial activity needs acceleration through investments to encourage relocation, overseas migration
2. Improved digitalization – Example: Fast track investments in secure, faster settlement platforms at sales stage.
3. Inclusive growth across the Territory – unified development and accessibility to all communities in Darwin, Alice Springs and other areas.

Q: What positives do you see in the NT real estate market?

A: Satisfactory sales volumes moving into 2022 in terms of both residential houses and units. Overall, Darwin houses and unit sales in 2021 accounted for 78 per cent and 87 per cent respectively of NT sales. Coincidentally, sales volumes of Darwin houses and units were 394 and 393 respectively. Alice Springs too is trending well moving into 2022.

I expect this trend to continue as buyers will continue to look for opportunities before an anticipatory interest rate hike end 2023/early 2024 and COVID-related restrictions ease.

Rental yields are holding up in the residential sector across the NT with a strong performance in Alice Springs.

Q: Will you be able to take up where your predecessor left off with a clear vision for what the industry needs to be successful?

A: Of course. I’m extremely keen to explore opportunities to bring all stakeholders round one table to make collective decisions and influence and lobby the NT Government for the benefit of community and industry. REINT as the peak body representing the profession is ideally placed to perform that role. Sounding a similar tone will interact with media regularly to share key trends and insights.

From a member relation view point, I will continually interact with the membership to better understand needs and deliver services to be meaningful and relevant. We will evaluate opportunities to cross sell useful services and products wherever possible.

Will also improve on our digital and social media channels as we look to migrate member and other stakeholder connectivity.

From an education and training point of view we will leverage on our status to continually enhance opportunities to train students to enter and broaden horizons within the profession.

I will also be steadfast in empowering the staff to maximize on potential and create opportunities for growth and work as a team.

A key priority for me is to search for avenues and opportunities and possible implementation of digitalised solutions. Faster and secure accessibility to documentation and settlement of transactions will be high on my agenda

Q: Now you are living in the NT, have you ever had a Laska for breakfast?

A: Yes, had my first and second Seafood Laksa for lunch from a restaurant in Smith Street. In fact it was my wife who recommended the outlet. Liked it very much.

Q: Which do you prefer Pauls or Farmers union iced coffee?

A: As a regular tea drinker, I haven’t had much coffee. For sure will have an iced coffee sooner rather later.