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One of Australia's largest portals saw a 20.5 per cent increase in revenue year-over-year.
The proptech framed its revenue growth as significant, despite the fact that the figures for FY23 were below that of FY22’s 35 per cent, because of the economic headwinds facing many businesses that saw personal and commercial spending drop across the country.
Beyond its revenue growth, the firm also reported a 29.3 per cent uptick in direct enquiries on property listings and a 51.2 per cent increase in indirect enquiries. Engaged consumer subscribers, meanwhile, rose by 39.2 per cent over the past 12 months.
The firm said these figures demonstrated its “operational resilience and growth in a challenging economic environment”.
“The real estate industry continues to grapple with uncertainties, yet Homely has once again proven its ability to thrive in challenging conditions,” said Jason Spencer, co-founder and co-CEO of Homely.
“Our strong revenue growth is a direct result of our team’s commitment to growth, innovation and focus on providing value to our customers in an environment where our competitors continue to increase their prices,” he added.
But while economic pressures may have slowed the company’s upward trajectory somewhat, the group noted that with positive profit numbers in FY23, it can now report three consecutive years of revenue growth.
Established by brothers Jason and Adam Spencer, the firm has been in operation since 2014.
The company credited its FY23 results in large part to the take-up of its digital advertising product, Homely Plus, theorising that agencies were looking for methods of increasing views to their listings during a time when the market had slowed.
“In the last few weeks alone, Homely has welcomed more than 35 new offices onto its Homely Plus advertising packages,” the firm reported.
Adam Spencer commented that Homely Plus looked to capitalise on agents’ need for affordable solutions while buyer and seller activity alike had slowed.
“Our continued success reflects our focus on developing industry solutions that are cost-effective. Our Homely Plus membership has been developed with this in mind to add value to our agent partners, while showing their listings to more buyers and sellers on Homely than ever before,” Mr Spencer said.
He described the industry as “hungry for a paradigm shift,” while stressing that the firm had focused on keeping its products available for cost-conscious customers.
Off the back of FY23’s figures, he reported that Homely was “well on track to create the seismic change we want to see in the Australian property industry”.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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