Victoria has once more taken the crown for business sale activity. Dru Morgan, the Director of Morgan Business Sales, a national business brokerage group, has stated that this result was not unexpected.
“While it is interesting to see Victoria once more leading the way for business sales activity in Australia, it’s not surprising. It’s a continuation of a trend we’ve been monitoring for a while. Despite having fewer registered businesses than New South Wales, there is more sales activity in Victoria.
The numbers highlight this discrepancy. 34% of business listings are currently Victorian based opportunities. 5% more than second place which is New South Wales at 29%. But the reverse is true for the number of registered businesses. New South Wales being the home to 34% of Australia’s businesses versus 29% in Victoria.”
Mr Morgan stated that the state’s capital Melbourne was responsible for the majority of the activity in Victoria.
“79% of businesses in Victoria are based in the Greater Melbourne area. This region is doing the heavy lifting when it comes to business sales activity.”
When queried whether business activity was fluctuating between industries, Mr Morgan was quick to point to a few industries.
“When monitoring business sales activity, there are many ways you can drill down. One being state based. Another being industry based. You can also look at both sides of the market. Buyer and seller demand.
Focusing on industries in Victoria, the trends are in line with the rest of the country post Covid. Demand and activity is up for domestic services, education, logistics and wholesale businesses. But down for retail, food and accommodation businesses.”
When asked whether Victoria’s market dominance was set to continue, Mr Morgan pointed to a key statistic which he believed made it likely.
“Every year the ASBFEO analyses business ownership in Australia and releases a report. Victoria had the biggest increase in business registrations in 2022 The number of businesses increased by 11% versus the national average of 7% and 6% in New South Wales.
This data suggests that Victoria will be the leader in business sales activity well into the future.”
About Morgan Business Sales
Morgan Business Sales are Australia’s leading Specialist Business Brokers. For the past 25 years, they have successfully sold hundreds of large and small businesses. Whether looking to buy or sell, they are ready to assist.
No matter the size of the business, their national team of experienced Specialist Business Brokers are dedicated to achieving fantastic outcomes. Learn more about Morgan Business Sales via their website here: www.morganbusinesssales.com
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Michigan Journal USA journalist was involved in the writing and production of this article.