BuyMyPlace, the real estate platform that enables Australians to sell their properties without paying fees and commissions to real estate agents, has doubled its full year revenue to $2.1 million after a record June quarterly performance in 2017.
buyMyplace, which is part of the buyMyplace group, announced that it has achieved growth in all key metrics, including revenue, sales and listing of residential real estate, despite the total market for new residential listings slowing.
The company's press release says gross profit and revenue are up approximately 50% on the prior corresponding period and the company has held its margins whilst driving rapid growth. Listings have risen 27% on the prior cor- responding period, with average order value up 18% in the same period.
buyMyPlace CEO Paul Heath says the portal's performance is a reflection of more customers using the platform.
“We are delighted to achieve record results in the June quarter, in what is a period that is seasonally slower than other quarters”, says buyMyplace Heath said. “We continue to enjoy strong listings and revenue growth. We are seeing an increasing number of customers use the buyMyplace platform, with a 27% growth in the number of vendors listing with buyMyplace to sell their property and save agents’ commissions. Our FY17 revenues of A$2.1m was another record for buyMyplace.”
Heath added that this positive financial result allows the company to move with confidence into the next financial year.
“We enter FY18 with strong revenue and listings growth momentum. We expect to continue to invest in technology development and have bolstered our marketing activity with new hires to drive revenue and listings growth. We have already seen new listings grow faster than unique visitors to our site and are delighted to achieve record results in a seasonally slower quarter,” Heath says.