Expanding group makes acquisition to enter new market

Expanding group makes acquisition to enter new market

Perth market expansion
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An independent real estate agency has moved into its fourth state by taking over a rival business.

Little Real Estate has entered the Perth market by acquiring Harcourts Central as it continues its strategy to open more offices throughout Australia.

Chief executive Phil Meggs told REB that the group intends to open more Perth offices, despite the problems the market is experiencing.

“We're very confident – our views are not short term so we're not looking at what the next year or two on its own stands for, we're looking at the far longer term,” Mr Meggs said.

“Ppeople who are talking the market down have a very short-term focus and our attitude is very much that we support investors over the long run.”

According to CoreLogic RP Data statistics, Perth’s median house price rose 1.0 per cent for the year to May, while unit prices fell 4.0 per cent.

Mr Meggs said it made sense to take over an established office because it meant Little Real Estate could immediately access a licence, staff and database.

“The team we've brought on as part of the acquisition have been in the market for a long time and have great experience, so it’s not our aim to immediately change anything that they're doing.

“Instead, we're looking to add the systems we have, such as clients’ ability to access their reporting online 24/7, and deliver a better experience overall.”

Little Real Estate has 22 offices in Queensland, New South Wales, Victoria and now Western Australia.

[Related: Housing oversupply battering Perth market]

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