Real estate agency doubles in size with Taranaki acquisition

Real estate agency Bayleys has doubled in size following its acquisition of New Plymouth-based competitor Urban Studio.

Nine residential salespeople, including two owners and directors, will join the Bayleys Taranaki branch and bring the total number up to 28. Properties listed under Urban Studio will be transferred to Bayleys, and a client function is planned for early November.

According to Taranaki general manager Dean File, the acquisition will give Bayleys “critical mass” in the market, and the company will be looking to add more salespeople across its rural, commercial and industrial divisions. With more New Zealanders looking outside the big cities for property, he says now is a good time to kick-start an increased focus on the regions.

“Internal migration, particularly out of Auckland to provides such as Northland, the Bay of Plenty, Hawke’s Bay and of course Taranaki has been well documented over the past three years,” File said.

“While the residential property market in Auckland has well and truly peaked, city dwellers from up there are still taking advantage of the lifestyle opportunities and financial benefits of relocating to the regions. And from those perspectives, Taranaki has a lot to offer.”

The more recent flood of interest in the country’s regions has been described as a ‘southern pilgrimage,’ with baby boomers selling off land through subdivision to make the move, and young Aucklanders taking advantage of the significantly more affordable property prices. The Auckland housing market has meanwhile remained stagnant following a boom of activity, with the median house price remaining at $850,000 for 18 months to date.

According to Dean File, Bayleys’ new acquisition is reflective of a highly promising regional market.

“The investment in relocating to new Taranaki premises and simultaneously growing the company through acquisition reflects Bayleys’ optimism for the long-term future of Taranaki as a regional economy,” File said. “At a time when other real estate agencies are ‘hunkering down’ for what they perceive as a period of consolidation in the markets, Bayleys is in fact gearing up for growth.”