Harcourts surpasses $20 billion in sales

Harcourts surpasses $20 billion in sales and gets set for USA

1 June 2010: The growing Harcourts real estate group has achieved two exciting milestones - surpassing $20 billion in written sales in the past financial year and entering into a new joint venture that will see the launch of Harcourts in the United States of America, Harcourts International Managing Director Mike Green has announced.

In his opening address of the annual Harcourts conferences in New Zealand and Australia, Mr Green announced the Harcourts group, which now includes more than 630 offices in nine countries along with over 4000 sales consultants and a growing property management team, had completed sales totalling $20.4 billion in the year ended 31 March 2010.

He also announced the next major international step for Harcourts – a joint venture with a 23 office, 700 sales person Californian-based real estate group.

“The United States’ property market is just beginning to show signs of improvement and we believe the timing for this step is perfect,” he said.

“With the training and technology platform Harcourts has to offer along with our values-based, performance-driven culture we believe there is huge opportunity for this new Harcourts joint venture company to grow rapidly as the general economic situation in the US improves.”

Mr Green reported Harcourts, which was established in New Zealand in 1888, had seen strong growth across the board in the last year.

“In Australia we achieved considerable success, for example increasing sales in New South Wales by 73%, achieving a 52% increase in Western Australia, a 47% lift in Tasmania, which has taken us to the number one position there, and 49% growth in Victoria, with our 50th office opening in June.

“We also strengthened our position in New Zealand, where we are already the country’s largest real estate, increasing our national market share to a record level,” he said.

“Over the year Harcourts South Africa grew to more than 140 offices, making it the third largest group in that market in terms of both size and market share. We also achieved solid growth last year in both Indonesia and China, with expansion in the latter including the establishment of the first Harcourts office in Hong Kong.”

In his address Mr Green also alluded to further exciting international expansion activities.

“Once final contracts have been signed I will be able to announce the details of some additional major offshore ventures,” he said.

ENDS

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