By HEDGIE GUNDRY
Established in 1923, WT Newey & Co in Bankstown is one of the oldest continuously family-owned real estate agencies in New South Wales. The agency is also one of REINSW's longest-standing members, having joined in 1937 and marking 85 years of membership in October 2022.
William Mark Newey founded WT Newey & Co in 1923, naming the agency after his son William Thomas Newey who went on to run the company for many years. When William Thomas died, his wife Francis and son Raymond became shareholders. Raymond then bought his mother out of the business and sold it to his son Mark Newey who joined in 1977 and is still Co-Director.
"My eldest daughter, Katrina, also worked here on Saturdays for over a decade, so we've had give generations of the Newey family involved with the business in the last 100 years," Mark explained.
"Our family story has been a rich tapestry of ups and downs, hard work and sometimes just plain survival. My great-grandfather William, a keen bowler, owned all the land up Gibson Avenue in Padstow. When the Depression came in the 1930s, his sales business was wiped out, but thankfully his rent roll remained. My father sold poultry as a solid sideline to get through. It was a different era."
According to Mark, a key strength has been the agency's diversity over these years.
"we've always seized every opportunity and evolved to meet market demands," he said. "Thats why we now offer every aspect of real estate across the Greater Sydney region, including residential and commercial slaes, property and strata management, registered valuations and auctioneer services."
The agency still carries the Newey name, but is now owned by three shareholders, Mark Newey, Mark Huynh and Amelia Tian. And five years ago, WT Newey & Co became a unit trust to allow more young people into the business.
"We've always seized every opportunity and evolved to meet market demands. That's why we now offer every aspect of real estate across the Great Sydney region, from residential and commercial sales, property and strata management and registered valuations to auctioneer services." - Mark Newey
People Business
Half of the 23-strong WT Newey & Co team have been with the agency for more than 10 years, with several longstanding employees hitting the 20-year-plus mark.
“A key strength for us has to be our people,” Mark said. “I’ve been here for 46 years, and our longest-serving team member, Roslyn Mercer, has just celebrated 34 years.
“I realised very early on that a real estate agency is only as good as its team and its morale. You need to learn this to survive. You need to rely on each other during the tough times, get up every day, put on your tie, go to work and carry on. We’ve always been resilient as a business, with a strong will to survive – and we love it. I know nothing else. But there's nothing glamorous about it. It’s hands-on work.
“We’ve also benefited from some incredibly loyal clients. Nothing beats experience and we’re trusted. We stand by a lot of old-fashioned values and it’s this resilience that has helped us to ride the waves.
“Our agency culture has always been very family-orientated. We acknowledge milestones along the way in life and service. If someone has a birthday, we celebrate. We’ve always kept together. Moving forward, however, this will not be as important to the new generations coming through, not just here but across the industry and beyond. The recent pandemic significantly impacted how and when we work and the long-term ramifications on workplace values remain to be seen.”
Community focus
As the longest-serving business in Bankstown, WT Newey & Co has become an integral part of the local community.
"Personally, I’ve always done a lot of charity auction work and volunteered as a surf lifesaver,” Mark said. “And, as a business, we’ve donated to a lot of charities over the years including World Vision, Youth Off The Streets, the Salvation Army and Barnardos. We also run a JP service.
“Over the years, you begin to realise that a lot of people in the community are extremely grateful for your services. I don’t know how many people stop me in the street to say thank you for the property decisions they’ve made over the years. It’s very rewarding.”
WT Newey & Co has also played a prominent role within the real estate industry community as one of the longest continuous members of REINSW.
“Very few people or institutions are genuinely in the corner of property industry professionals, owners and landlords,” Mark said. “That’s why REINSW’s support is invaluable including all the contracts, documentation and legal knowledge when needed.
“We’ve been members for over 85 years, and when there’s a storm, you go to the REINSW port for advice.”
Looking to the future
As WT Newey & Co celebrates 100 years, what will 2023 bring?
“We’re always focused on expanding the business by identifying new trends and getting ahead of the curve – but it’s not as easy as it used to be,” Mark said. “Markets move more quickly now and are less predictable.
“And I'm not overly optimistic for the next 12 months. It will be a tough year for many people with interest rate rises and price drops. But there will always be demand for housing and strata, in particular, will continue to be a major growth area for us.”
So, with three daughters and four grandchildren, will Mark’s family carry on the Newey legacy?
“It’s not looking likely,” he said. “One’s a deputy head principal, one’s a doctor of psychology, and one’s a music teacher. But thankfully, I have no plans to retire anytime soon!”