ASX-listed buyMyplace, a commission-free real estate agency has recorded a strong second quarter by clocking in 147 percent in revenue earnings for the 2017 financial year ending in June from the prior corresponding period (PCP).
The Melbourne-based online real-estate company’s gross profit rose by 117 percent while residential property listings on the website grew by 84 percent from the previous quarter.
The company in a statement said significant growth was seen after listing the portal on the sharemarket last year proving that a disruptive model for selling real estate did not depend on traditional market trends.
“At a high level, the business in progressing well, with growth in leads mirroring growth in unique visitors and revenue growing significantly faster than volume and leads, due to the 35 percent increase in average order value on PCP,” buyMyplace chief executive Paul Heath said.
“This is an important outcome in our business, where we are continuing to provide additional value to our customers through other services, which is contributing to revenue growth and retaining gross margins.”
“We also note the growth rates on PCP are accelerating in Q4 FY16 through Q2 FY17 across income, average order value, gross profit and UVs, providing increasingly faster growth as we progress through successive quarters following our ASX listing in March 2016. ”
buyMyplace was established in 2o09 to capitalise on an anticipated trend in the Australian property market of selling homes privately online, mirroring the adoption of this practice in the US, Canada and Europe.
To date, the business model has been validated by over 3,000 customers having sold their properties using buyMyplace and generates revenues by charging an up-front listing fixed fee to its customers who list their properties on the website.