Commission-free online real estate company buyMyplace, has doubled its quarterly revenues since its ASX listing a year ago, with revenue up by 98 per cent on Q3 2016.
The company, which formed in 2007 and gives vendors control of their home sales, said in a press release that its listings, revenue, gross profit and unique website visits had grown since the same period last year.
BuyMyPlace CEO Paul Heath says the website experienced positive results across all aspects of the business.
“We have effectively doubled revenue for this quarter (98% growth) compared to the prior corresponding period (PCP) in FY16,” Heath said in a press release. “Since commencing our investment in expanding the business from February 2016 and buyMyplace listing on the ASX in March 2016, the business has grown substantially across all key metrics, exceeding our internal forecasts and remaining on track for our long term strategy.”
Heath added that the online DIY model continued to boom despite the market experiencing an overall drop in property listings.
“Interestingly, the total market volume for new listings fell 8% in Q3 on prior corresponding period, which is the sharpest fall in any quarter over the last twelve months,” he noted. “However; buyMyplace continues to achieve significant growth in volume of listings each quarter, despite what may be seen as adverse market conditions. Our results are typical of disruptive businesses, which do not follow the trends of the total market or traditional players.”
“The total market for new listings has declined 3.5%1 over the 12 months to March 17 on PCP and buyMyplace volumes have grown 59% for the same period on PCP, showing significant growth in interest and acceptance of the buyMyplace commission-free value proposition by vendors”, he concluded.