BuyMyplace acquires MyPlace Conveyancing

BuyMyplace has signed a conditional agreement to acquire on-line conveyancing business MyPlace Conveyancing.

MyPlace Conveyancing was founded in October 2014 in Bendigo, Victoria with the backing of local law firm Robertson Hyetts.

Paul Heath, CEO of buyMyplace said conveyancing is an essential element of any property sales transaction and My Place Conveyancing’ provides the appropriate contracts for the respective state legislations as well as the usual conveyancing services required for transfer of property.

"The addition of conveyancing to our in-house product offering will provide our customers with a complete ‘one stop shop’ solution from listing their property through to settlement," he said.

“MyPlace Conveyancing is a natural acquisition for buyMyplace with buyers and sellers able to manage all contact via desktop and telephone, without the need to visit a conveyancer or solicitor.

“With approximately 500,000 properties listed in Australia, each year, Conveyancing is estimated to be in excess of a $1 billion market and this is a significant additional opportunity for buyMyplace.

Tim Robertson, of Robertson Hyetts Solicitors, which is selling MyPlace Conveyancing to buyMyplace sees the sale as a positive one for both parties.

“We have spent almost three years developing Myplace Conveyancing and we feel that buyMyplace, an online real estate business, is ideally placed to acquire the company and take it to the next level due to the obvious synergies,” he said.

The acquisition is expected to be earnings and cashflow positive for buyMyplace in FY2018, with completion of the acquisition expected to occur in July.