Strong growth for The Agency

Perth-based real estate agent The Agency Group Australia has recorded a bumper March quarter, including its second highest commission revenue for a quarter on record.

The Agency posted gross commission income of $10.3 million, with the value of property exchanges it was involved in for the quarter reaching $613.4 million, a 30 per cent increase on the prior corresponding period.

The number of exchanges rose by 32 per cent compared with the year prior, to reach 616.

The number of new listings it secured was at 1,040, up 14 per cent on the December quarter.

Properties under management now sit at 4,304, an 11 per cent rise from the prior corresponding period.

The number of agents employed by the company fell 7 per cent to 258 compared with the same time last year.

In a statement, the company said it has about 5 per cent market share in Western Australia, and around 1 per cent of the market share in NSW.

Managing director Paul Niardone said it was an exceptional result for the company considering the prevailing tough property market in Perth, Sydney and Melbourne.

“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,” he said.

The Agency was established in 1996, and now operates in Perth, Sydney, Melbourne, Gold Coast, Newcastle and the Illawarra region.

In September, it executed an option to acquire east coast real estate group Top Level for $5.5 million.