Tuesday, 27 November 2012

Coastal real estate empire falls

THE CHAMLEY real estate empire has fallen.

Dean Chamley and Associates, which once had real estate offices across the Coast, is no longer trading.

An application to wind up the company was made in September, according to the Australian Securities and Investments Commission.

Comment was being sought from Mr Chamley yesterday.

It appears the former Chamley office at Cooee is being converted into a corner store and post office.

The company once boasted offices in Devonport, Ulverstone, Burnie and Wynyard and had a presence on the west coast.

The Devonport operation was sold to real estate firm Michael Burr and Associates early last year.

Mr Chamley and Mr Burr both said at the time there were too many agents in the area.

The decision was not due to financial difficulty, Mr Chamley said.

The Tasmanian real estate industry had been consolidating for two years or more, Real Estate Institute of Tasmania president Adrian Kelly said yesterday.

He said sale volumes had fallen statewide by about 40 per cent, varying from suburb to suburb, while prices had largely held their own.

"When the pie gets smaller, there's only one thing that can happen," Mr Kelly said.

He said some consolidation did not hurt.

Recent Australian Bureau of Statistics figures have suggested the start of a recovery in Tasmanian real estate sales.

Mr Kelly said he would not say there was direct evidence of recovery yet, but things were "starting to feel better".

Most agents were reporting a lift in inquiries since September and he believed the effects of interest rate reductions were starting to flow through.

Source: http://www.theadvocate.com.au/story/1150209/coastal-real-estate-empire-falls/?cs=87

No comments:

Post a Comment