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REB has revealed how the top 50 agents in the state fared in 2023 amid myriad challenges, including the lingering impacts of the COVID-19 pandemic.
The fourth annual REB Top 50 Agents Victoria 2024 ranking and associated report have uncovered agents who have contributed to propelling the real estate industry forward and set the benchmark for excellence that other agents can emulate.
Having recognised that no two property markets are identical, the core objective of this state-based ranking is to recognise agents who have achieved high sales numbers, built a strong presence in their local area and tailored their services to meet the preferences of their vendors and buyers.
This year’s ranking has demonstrated how Victorian agents persevered to sell properties and succeeded despite operating in a comparatively subdued market.
Indeed, the Melbourne housing market has not performed as strongly as other Australian capital cities, with CoreLogic data revealing that its home value grew only 3.2 per cent over the 12 months to 31 March 2024 (compared to 19.8 per cent in Perth and 9.6 per cent in Sydney).
The research house partly attributed the sluggish growth rate to housing supply overtaking the number of house sales in 2023, which meant prospective buyers had more choice and leverage to negotiate lower prices. It estimated that there were 81,203 dwelling sales in the 2023 calendar year and 90,000 new listings added to the market.
This, coupled with the residual impact of extended COVID-19 lockdowns in Melbourne – the longest out of any city in the world – and the associated restrictions on open homes and auctions saw agents selling 4,501 properties in 2023, down from 5,079 properties in 2022.
However, the combined value of properties sold remained stable at $7.94 billion, declining slightly from $7.97 billion in 2022. The top 10 agents sold 1,242 properties for $2.47 billion last year, down from 1,322 properties sold for $2.57 billion in 2022.
The average number of properties sold also declined from 102 (totalling $159.4 million) in 2022 to 90 for $158.7 million last year. The top 10 agents sold 124 properties for $247.1 million (down from 132 properties that sold for $256.9 million the previous year).
Days on market remained stable year on year, however, at 33.6 across the top 50 and 26.5 across the top 10 agents.
Despite subdued growth in property prices in Melbourne and regional Victoria, the top 50 agents defied this trend, with their average sales price increasing 32.4 per cent to $2.3 million.
However, the average sales price across the top 10 agents aligned with market trends, rising by a modest 2.4 per cent to just over $2 million in 2023.
Ray White Balwyn principal and director, Helen Yan, was crowned the top agent in Victoria, who climbed three spots from last year’s ranking.
She dethroned Kay & Burton director Matthew Pillios, who slipped to second rank.
For the second consecutive year, Jellis Craig Armadale director Carla Fetter ranked third in the 2024 ranking.
Agents who entered the ranking were asked to submit data from their settled residential sales for the 2023 calendar year.
Their rankings were determined by using three metrics, including the number of properties sold, the total dollar volume of properties sold, and the average sale value.
Each agent was then ranked comparatively across the three metrics against their peers, with the combined comparative score used to determine the top-ranked Australian agents.
REB editor Grace Ormsby said: “Victoria’s property marketplace has been a tough one for the profession over the past few years, making the achievements of this year’s cohort all the more impressive.
“Agents named in this year’s ranking truly epitomise the excellence on show in the Victorian real estate market. Congratulations to every single agent who made this year’s list.”
Click here to view the REB Top 50 Agents Victoria 2024 ranking and report.
In the coming days, REB will release the Top 50 Agents 2024 ranking for NSW.
The Top 100 Agents and Top 50 Women in Real Estate 2024 rankings will be revealed soon after.
