iBuyNew now trading on ASX
National online property agency iBuyNew (IBN) is now trading on the Australian Securities Exchange (ASX) after its listed parent company Disruptive Investment Group Limited changed its name to iBuyNew Group Limited (ASX-IBN).
The name change was formalised at the Company’s annual general meeting.
The company also announced it has settled its share sale agreement to acquire 100 percent of Melbourne-based property research advisers Nyko Property Pty Ltd (Nyko).
It has delivered new property sales worth $18.1 million in the 2016 September quarter.
IBN, which specialises in off-the-plan property sales, recently launched a new house and land division, but is more active at the moment in apartment sales.
IBN’s chief Mark Mendel informed shareholders that while the market for new apartments was well below its peak from the 2015-16 financial year, there has been no rise in buyer defaults.
“(This) leads us to believe that the negative sentiment is mostly perception rather than reality at present,” Mr Mendel said.
“Whilst we believe the negative media reporting about the sector has likely contributed significantly to reduced sales, it is our assessment that buyers are mostly taking a wait-and-see approach until the uncertainty passes rather than leaving the market altogether.
"The fundamentals of Australian demographics have not changed in the last nine months.
“IBN is realistic about the current market dynamics.
"Our focus is ensuring that we have a robust business that continues delivering sales, and is well positioned to take advantage when the negative perception passes and stronger demand returns to the market."
