Login
iscover
Buxton Ballarat placed second in the REB Top 50 Sales Offices 2023 rankings thanks to capturing a wide market in Victoria and implementing a robust digital marketing strategy.
The agency was one of three out of the top 50 sales offices that settled over 1,000 properties in the 2021–22 financial year, totalling over $531.1 million in value.
While Buxton Ballarat slipped from number one in 2022 to number two in 2023, it increased its sales volume by over 15 per cent from around $461 million last year.
The agency’s director, Mark Nunn, attributed the results to implementing a digital marketing strategy that targets buyers by demographics.
Furthermore, he told REB that Melbourne and interstate buyers moving to Ballarat formed a significant segment of the agency’s market.
What would you credit Buxton Ballarat’s results to?
Our strength is teamwork. We’re resourced with 65 staff, including excellent support and administrative staff. Moreover, I think our digital marketing strategies have helped us create good results for customers. We reached a wide market across Melbourne and Victoria, which is helping Ballarat sales because a lot of people are moving to Ballarat from either Melbourne or interstate.
What does your digital marketing strategy entail?
We use an artificial intelligence program called Buxton Connect. It works in the background by targeting different demographics. For example, if you’re a buyer who’s out of the area and you’re searching in the area, this program will identify your digital traffic, including keywords and searches. We then market properties to them based on their digital profiles because we’ve got an idea of what they’re looking for.
How do you target these buyers?
They’re registered in our database and they have digital habits. For example, a buyer might be searching for a house in a suburb like Ballarat Central within a price range of $800,000 to $1 million. This program can target those buyers by showing properties on their social media feeds and directly advertising properties based on what they’re looking for. That drives more traffic to our website, too.
What kinds of properties have you been selling?
We typically sell properties priced from $800,000 up to the multimillion-dollar brackets. Properties priced north of $800,000 are family homes and period homes in central Ballarat and suburbs in the centre of the town. We’ve also found that properties priced between $400,000 and $800,000 are quite buoyant in Ballarat. Ballarat homes cater to a range of buyers, including those who want old-character homes or a new, low-maintenance property.
Are you finding that buyers are still moving from Melbourne to Ballarat post-COVID-19?
Yes. Every month, between 30 per cent to 40 per cent of our sales have gone to either Melbourne or out-of-town buyers. Our population is growing, as are the suburbs, particularly on the outskirts of Ballarat. The demand from people wanting to move into the town has spurred growth and development.
What challenges have you faced in the current economic environment amid rising interest rates?
It’s definitely putting the squeeze on mums and dads who are also dealing with the rising cost of living. Mortgage stress from rate rises has added pressure on some people and limited their budgets. Buyers are targeting lower house price brackets. The rate rises have slowed the growth of property prices, too. It’s definitely had a significant impact on the marketplace.
What impact has this had on your business?
We’re noticing that demand has softened while the volume of sales has fallen by about 10 per cent. Most people recognised that the market isn’t as high as it once was, so houses that are adjusting to the market are still selling for solid prices. It’s been a correction phase. A lot of homes in our region have corrected by about 5 per cent to 10 per cent. Owners that have corrected their prices accordingly are getting the sales that they want.
What are your plans for 2023?
We want to consolidate our position and market share in Ballarat. We want to expand when the market improves and prices grow again. We’re always eyeing the next digital strategy. We’re very digitally minded.
What tips would you have for other sales offices to succeed?
Be honest, direct, and transparent. Tell people the facts. It’s really important for agents to provide accurate information, whether they’re in the sales or rental departments. Agents can go wrong if they give people an inaccurate, overinflated price, for example. You can’t go wrong if you give people factual information.
To see the full list of the Top 50 Sales Offices for 2023, click here.
Newsletter
