HARCOURTS ANNOUNCES JOINT VENTURE WITH LEADING TASMANIAN REAL ESTATE COMPANY

Australasia's fastest growing real estate group, Harcourts International Ltd, held an official launch function on 1 September to celebrate its new joint venture in Tasmanian with partner and leading Tasmanian real estate company, M & M Real Estate.

Called M & M Harcourts, the joint venture took effect in August 2004. M & M's current Wellington Street office in Launceston, Tasmania has relocated to a rebranded office on 187 Brisbane Street and will become the founding franchise of an aggressive drive into new Tasmanian markets to achieve five additional offices by the end of 2005.

Managing Director of Harcourts International Ltd, Mike Green said, "Tasmania is a diverse and vibrant market and this expansion is another step toward achieving our ultimate aim of being the number one real estate group in Australia. M & M Real Estate is an excellent partner and exceptionally strong business with outstanding entrepreneurial skill. Their local knowledge combined with Harcourts' expertise, systems and support provides the vehicle required for growth in today's market."

M & M Real Estate was founded in 2001 and directors Tony Morrison and Kirsty Dunphey have built the initial team of three to 17 and Launceston's highest grossing sales team per consultant.

Ms Dunphey said the M & M Harcourts alliance provided significant benefits to property owners in Tasmania. "Both our organisations share a business commitment to exceptional personal client services making this a very compatible match. We also share very strong brands and a reputation for excellence in our respective markets. I was initially attracted to the 'big family' culture of Harcourts and also their expertise in training, finance and systems."

Ms Dunphey added M & M Harcourts intended to be synonymous with Tasmanian real estate as they expanded further. "Tasmania has huge growth and investment potential. As a fully Tasmanian owned company we look forward to continuing to set service standards and impress beyond expectations."

Having been in Australia since launching in Queensland in 1997, Harcourts entered the New South Wales market in November 2002 as part of its strategy to operate in every State in Australia.

In February this year Harcourts purchased Western Australia's leading real estate brand, Roy Weston Real Estate, a privately owned group of 61 franchise offices in Western Australia, Northern Territory and Indonesia. In the same month, Harcourts also announced a joint venture with South Australia's leading independent real estate group, Brock Real Estate to form Brock Harcourts Real Estate.

Mr Green said, "As the fastest growing real estate group in Australia and the acknowledged market leader in New Zealand, we are managing an average of over $38 million worth of property sales every day. We achieved $13.5 billion in sales for the 12 months to the end of January 2004 compared with $8 billion in sales for the previous 12 months."