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The Agency posts strong quarterly results across key metrics

12 April 2019 Tim Neary

Against a backdrop of subdued market conditions and the quieter January period, The Agency Group produced its second busiest quarter to date in terms of number of exchanges and GCI, and its third most active in terms of value exchanges.

In an ASX statement the group said both the number and value of exchanges for the quarter are up on the previous quarter, and up “strongly” on the prior period.

It reported that GCI of $10.3 million for the quarter; the second highest on record for the group, and new listings 1,040; which is not only a record but is also up 14 per cent on the prior quarter.

The Agency Group also said its market share in the key markets of WA and NSW continue to grow, and are now at about 5 per cent and 1 per cent respectively.

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It added that its agent recruitment pipeline is “healthy” and includes the transition of 18 agents in the NSW Wollongong area to full company ownership.

Managing director, Paul Niardone, said the results represent significant increases and that the group has benefited from increases in overall agent numbers. 

He said that during the period the group had a number of high-profile sales, including one in Sydney’s Rose Bay by The Agency’s Ben Collier – the highest so far in the 2019 calendar year.

Mr Niardone said the position is a good one.

“When considering the prevailing tough property market in Perth, Sydney and Melbourne, this is an exceptional result for the company,” he said.

“It is further evidence that our disruptive model attracts the best talent that can negotiate the best results for our clients in any market conditions.

We are continuing to defy what is being reported across the industry with higher auction clearance rates being achieved consistently so far throughout 2019 while our market share continues to grow in what remains a subdued market.”

Mr Niardone said the results speak volumes about agent quality.

“Our sales agents are highly skilled and trained to handle all market conditions and are achieving record prices. Our average selling price has been maintained while the market has dropped.

“When market conditions are challenging, skilled agents become the choice of vendors. We are honoured to have some of the very best agents in Australia with a fiercely loyal client base of repeats and referrals.”

The Agency posts strong quarterly results across key metrics
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