REAL ESTATE BUSINESS
Following another eventful year in the Australian property market, Real Estate Business is delighted to unveil the REB Top 50 Sales Offices 2024 ranking.
Now in its 12th year, the annual ranking identifies the top-performing real estate offices across Australia and sets the benchmark that other offices can aspire to emulate.
Using a range of indicators to determine the rankings, the REB Top 50 Sales Offices 2024 ranking recognises the best real estate teams that have gone above and beyond for their clients and set the standard in the industry.
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492.54
AVERAGE NUMBER OF SETTLEMENTS
Agile Market Intelligence (the research arm of REB’s parent company Momentum Media) has determined this year’s ranking based on three metrics, which are individually ranked to the entire submission cohort: total value of settlements, total number of settlements, and efficiency rating (which is the total number of settlements divided by the number of sales-focused staff including sales support).
In essence, offices that list and sell the highest number of properties most efficiently rank the highest.
Comparing this year’s settlement numbers and volumes with the previous year brings into sharp focus the resilience and proficiency of sales teams across the offices despite facing multiple economic headwinds.
These include increased mortgage stress as a result of continuous interest rate hikes by the Reserve Bank of Australia over several months since May 2022, rising inflation, higher cost of living pressures, and lower advertised stock.
While advertised stock has been on the rise, CoreLogic reported that the national Home Value Index (HVI) rose 8.1 per cent in 2023, a significant turnaround from the 4.9 per cent drop seen in 2022 but well below the 24.5 per cent increase recorded in 2021.
This was reflected in the numbers, with the average number of settlements totalling almost 493 among the top 50 offices in 2024, down from 595 in 2023. Similarly, they dropped from 1,047 to 1,041.35 across the top 10 offices.
2023 VS 2024
$478.1 MILLIION
Average total value of settlements
Consequently, the average total value of settlements across the top 50 sales offices also fell, from $563.8 million in 2023 to $478.1 million in 2024. Settlement values fell by 9.7 per cent year on year across the top 10 offices from $851.3 million to $768.3 million.
Total settlement values exceeded $1 billion in four sales offices this year, down from five last year but up from three in 2022.
37.2
AVERAGE DAYS ON MARKET
Tougher market conditions resulted in an uptick in days on market, increasing from 33 in 2023 to 37.2 this year across the top 50 offices. However, the top 10 offices sold properties at a quicker pace, with days on market falling from 39 in 2023 to 37.1 this year.
Sifting through the stats
$1,079,559
AVERAGE SALES PRICE
Several factors gradually took the heat out of the property market through the second half of 2023, including worsening housing affordability challenges, rising advertised stock levels, and low consumer sentiment. While home values still rose in 2023, these conditions had an impact on the average sale prices achieved by Australian sales offices.
Across the top 50 offices, the average sale price fell marginally from $1.09 million in 2023 to $1.08 million in 2024. The top 10 offices saw their average sale price drop from $937,137 to $801,440 year on year.
Staff efficiency ratings also took a hit, with average settlements per number of sales-focused staff across the top 50 offices tumbling from 31.08 in 2023 to 23 in 2024. This fall was more modest across the top 10, falling from 32 in 2023 to 28 this year.
18.32
Average number of sales agents
As in the previous year, offices have continued to recruit bright and talented agents and increase the size of their teams.
The top 50 offices had an average of 18.32 sales agents in 2024, up from 16.68 in 2023, while the top 10 offices had 36.5 agents, up from 33.3 in 2023.
Offices also onboarded more staff to support their agents, with the average number of support staff rising from 7.24 last year to 9.07 in 2024 across the top 50 offices. However, the top 10 offices hired fewer support staff, down from 8.2 in 2023 to 7.7 in 2024.
TOP 50 SALES OFFICES 2024
| Rank | Office | State | Sales agents | Sales support staff | Average days on market | Average sales price | Number of settlements | Total value of settlements | Efficiency rate |
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Disclaimer: Real Estate Business has undertaken a process to ensure the accuracy of data used to formulate the Top 50 Sales Offices 2024 ranking. Data for the ranking was supplied by individual agents, offices and/or head offices. While Real Estate Business has made every attempt to validate the accuracy of the data, any errors or omissions are the ultimate responsibility of the company or individual that supplied the data and any associated information. To the full extent allowed by law, or the ranking participants, its publisher Momentum Media and Momentum Media employees excludes any liability for any loss or damage sustained by readers arising from the supply, use, or promotion of the Top 50 Sales Offices 2024 ranking.
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