The Agency hits $1 billion monthly residential property sales

A highly active prestige market in Sydney combined with high growth in The Agency Group Australia's (ASX: AU1) emerging markets in Victoria and Queensland to deliver record monthly property sales of more than $1 billion for the group in November.

Perth-based The Agency also reports solid year-on-year growth in its home base of WA despite historically low listing volumes, improved agent productivity, and an expanded national footprint as key drivers of the milestone.

"Achieving more than $1 billion in sales in a single month demonstrates the strength and momentum of our platform," says executive chairman Andrew Jensen.

"What is particularly pleasing is that this result has been delivered with some markets still in the early stages of growth, and others operating in constrained listing environments.

"It shows the capability of the combined group to consistently lift performance."

In November the company also achieved a new record for gross commission income (GCI) at $16.6 million, surpassing the previous $15 million set the month prior.

This also means that in just two months the company notched commissions equivalent to a quarter of the FY25 figures.

The Agency held a 1.22 per cent national market share at the end of September, although this percentage is skewed by its second-largest ranking in WA where it commands 5.31 per cent of the market, and higher still in Perth and surrounds at 9 per cent. 

However, the company's largest agent count - slightly ahead of WA - is in NSW where it has established capacity for growth and has a 1.31 per cent footprint. Four in five of its approximately 462 agents operate in these two states.

A small number of agents in Tasmania have established a 2.91 per cent market share for The Agency in the Apple Isle, while the footprint is still very low at 0.53 per cent and 0.37 per cent in QLD and VIC respectively where the goal is to hit 1 per cent.

The monthly results announced today follow a 19 per cent lift in revenue year-on-year for the September quarter to $27.4 million as The Agency's properties under management increased to 11,895 and the number of properties sold went up in double-digits despite an overall decline in listings.

Despite this growth the company's shares have been volatile since the termination of former CEO Geoff Lucas - a seasoned McGrath Real Estate Agents veteran - in August last year, fluctuating to level that was almost on par with that date before today's announcement which led to an almost 17 per cent jump to $0.028.

AU shares have lost around 61 per cent of their value since April 2021. In the company's most recent annual report, following a $5.4 million loss for FY25, it noted accumulated losses over time of $41.8 million.

At the group's recent annual general meeting, shareholders rejected a proposed mandate that would have allowed the company to issue new shares equivalent to 10 per cent of shares on issue.