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One aggregator has increased settlements by more than 40 per cent in just 12 months after boosting broker numbers in 2013.
According to the latest monthly report from Vow Financial, the aggregator has had a stellar 2013 calendar year.
Vow's settlements in November 2013 were up 41.77 per cent on November 2012, while compared with November 2011, settlements have risen by 54.17 per cent.
Speaking with The Adviser, Vow CEO Tim Brown said the aggregator’s strength stemmed from a combination of sources.
“We’ve had 22 per cent growth in broker numbers over the past financial year so that significantly impacted our settlement volumes,” Mr Brown said.
With more than half of Vow brokers operating in NSW, the 2013 property market also proved a boon for the aggregator.
“We have 62 per cent of our network based in NSW, so we are heavily geared towards the NSW market – which picked up considerably, as we’ve seen from a number of data providers – but a key component of the growth has been foreign investment in Australia,” he said.
“We believe the growth will continue through 2014; we believe rates will remain stable for the majority of this year and the appetite for foreign investment will continue to buoy the market, especially in Sydney.”
