National real estate company The Agency Group Australia (ASX:AU1) has expanded its national real estate agency network to Tasmania, agreeing to acquire leading Launceston based real estate business Bushby Property Group to launch “The Agency – Team Bushby”.
The Company has entered into a share sale and purchase agreement with the owners of Bushby & Co. Pty. Ltd. pursuant to which The Agency will acquire all the issued share capital of Bushby & Co.
The Agency – Team Bushby will continue to be spearheaded by family members Philip and Mark Bushby, along with long-term shareholder Eric Andersen who will all remain with the group in leadership roles. Team Bushby – one of Australia’s oldest family-owned real estate businesses – comprises nine sales agents and 32 staff who have sold over $125 million in residential sales over the past 12 months and has c. 1,300 properties under management with a combined value of over $500 million.
The business will continue to operate from its large ‘hub’ office at 117 Cimitiere St, Launceston.
We’re pleased to welcome another high-quality real estate brand to The Agency. The Bushby Property Group is one of Australia’s oldest family-owned real estate businesses and their depth of experience and results align with our objective to bring the nation’s best real estate professionals together under our brand,” The Agency MD and CEO Geoff Lucas said.
“Rarely do we see agencies with over 100 years’ experience, especially in one local area. This level of experience cannot be replicated and it’s why this partnership is so instrumental in helping our network secure a prominent and distinguished entry into the Tasmanian market.
“The Bushby team and their long-established family values align directly with our philosophies and culture. It’s obvious from the time we’ve spent with the Bushby family and management team, that there is a close cultural fit.”
Mr Lucas said The Agency has been assessing the lucrative Tasmanian market for some time and has undertaken a deliberate selection process, as part of the group’s strategic move to establish a presence in the flourishing market.
“Over the past two years there has been a significant number of mainland buyers flocking to Tasmania, with a view to relocate in future years,” Mr Lucas said. “Our direct engagement model with agents allows a national reach, which gives agents and customers alike access to the very best in lifestyle properties throughout Launceston and surrounding regions.”
Tasmanian property market
Tasmania’s property prices have risen steadily since 2017 with the lifestyle attraction of Tasmania attracting increase domestic migration.
Over the past 5 years, property prices in Launceston LGA for houses and units have almost doubled, with a 95% increase in house prices (to a median value of $560,000) and a 60% increase in Unit prices (to a median value of $400,000)1
Tightness in the rental market has resulted in significant rental growth in the past 12 months with 20% growth in house rents and a 19% increase in Unit Rents. This rental growth has assisted rental yields currently sitting at 4.4% for Houses and 4.8% for Units.