KNIGHT Frank has reportedly dissolved its residential project sales team amid the slowdown in housing construction.
Knight Frank set up the business arm less than two years ago.
“Knight Frank has decided to focus on its core business of commercial real estate in Sydney and the Gold Coast, in line with our corporate growth strategy. As such, we will no longer have our dedicated residential real estate sales teams in these cities,” a Knight Frank spokeswoman said in a statement to the Australian Financial Review.
Among the listings the Knight Frank team had was a six-bedroom, six-bathroom penthouse at Crown Residences in One Barangaroo with a price guide of $100 million. Knight Frank will continue working on remaining listings at One Barangaroo, including the Crown penthouse.
The team’s staff, numbering fewer than eight, were made redundant.
Official data shows building approvals tanked by 15.4% last year to just over 162,000 – a level not seen since 2012.
