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By: Jessica Darnbrough
Despite a slowing market, one brokerage has bucked the trend, hitting a record month in June.
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Tiffen & Co. & The Mortgage Detective wrote 127 loans last month totalling more than $36 million in settlements.
The results are in stark contrast to AFG’s monthly mortgage index, which showed mortgage sales had dropped by 15.4 per cent between April and June 2010.
Director Alison Whittle told The Adviser that the strong result was, in large part, thanks to the company’s ongoing communication with its existing client database.
“First home buyers have really come off the boil in the last few months. Luckily, we have a very mature database – more than 5,000 clients – and we are finding a lot of these people are ready to upgrade, buy an investment property or refinance,” she said.
“We find the best way to get new business from our old clients is to stay in touch with them wherever possible.”
However, Ms Whittle says the company’s record result can also be attributed to its successful merger two years ago.
“I think we have finally settled into the merger. And we are starting to see the benefits of it.”
“In addition, the Canberra market is still quite strong.”
According to RP Data, Canberra’s property market is currently running very hot.
Residential prices in Australia’s capital city rose 3.7 per cent, to a median value of $508,500, in the three months to the end of May - the biggest rise of all capital cities.
