Harcourts Purchase WA's Top Real Estate Group

NEWS RELEASE

Aggressive Growth Strategy Sees Harcourts Purchase Western Australia’s Top Real Estate Group

9 February 2004

Australasia’s fastest growing real estate group, Harcourts, today announced its entry into the Western Australian market with the purchase of Roy Weston Real Estate, a privately owned group of 61 franchised offices in Western Australia, Northern Territory and Indonesia as part of an aggressive campaign to grow its Australasian presence.

Harcourts currently has over 160 offices in New Zealand and first expanded into Australia in 1997 where it now has 92 offices throughout Queensland and New South Wales, as well as an office in Fiji. Significantly, Harcourts is also the only major Australasian real estate company to have expanded from New Zealand into Australia.

Harcourts International Ltd Managing Director, Mike Green said, “As the acknowledged market leader in New Zealand real estate and the fastest growing group in Australia, we are currently managing an average of over $30 million worth of property sales every day. We achieved a combined record breaking $11 billion in sales in the 12 months to the end of January 2004 compared with $8 billion in sales the previous 12 months.”

Mr Green confirmed that for some time a strategy had been in place to expand further in Australia, following the November 2002 expansion into New South Wales which was recognised as a key market for Harcourts’ further Australian growth.

“Western Australia is a very wealthy and prosperous State providing huge opportunities for Harcourts. Our expansion there was a natural progression to achieve our ultimate aim of being the number one real estate group in Australasia,” he added.

“Roy Weston Real Estate is a highly respected name in Perth and Western Australia, having operated successfully in that market for nearly 50 years. As they also have a Master License agreement with 10 offices in Jakarta, this provides further expansion opportunities for our group.”
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CEO of Roy Weston Real Estate, Geoff Baldwin said despite being Western Australia’s leading real estate brand, it was important to maintain a keen eye on the future to ensure they retained industry leadership. “It has been our intention to become a national brand for the last decade, but up until now we had not found the right partner despite many offers over that time. As well as our similar cultures and philosophies, Harcourts also maintains a strong focus on systems and training which is why we are both market leaders.”

Mr Green said, “Having been in existence since 1888, Harcourts is the most recognised brand in New Zealand and the fastest growing one in Australia. An important part of our continued international expansion is the synergy we develop with like-minded business partners who are equally respected and dynamic real estate brands.”

“The Roy Weston brand commands huge respect in the real estate, business, and wider Western Australian communities. It is clearly the market leader in Western Australia, a great partner for Harcourts.”

The offices will continue to trade under the Roy Weston brand as part of the Harcourts Group.

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Background:

Harcourts International Ltd – www.harcourts.co.nz and www.harcourts.com.au

Harcourts International Ltd is the largest real estate group in New Zealand and the fastest growing group in Australia with over 255 offices, including one in Fiji. Harcourts began in Wellington, New Zealand in 1888 and last year managed over $11 billion worth of property sales in residential, rural, commercial, projects and property development, as well as rental property management.

Roy Weston Real Estate – www.royweston.com.au

Mr Roy Weston opened the first Roy Weston Real Estate office in 1957 and saw the group develop into one of Australia’s most successful franchise organisation with now 50 offices in Western Australia, one in the Northern Territory and a Master Licence Agreement with 10 offices in Jakarta, Indonesia. Roy Weston offices specialise in residential, rural, investment, property management, commercial sales and management, and property development, currently managing $1.5 billion of property sales a year in Western Australia.

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