A word from Philip Webb

A word from Philip Webb

Philip Webb Real Estate celebrates its 50th birthday this week, a monumental accomplishment for the company and a remarkable milestone in Melbourne real estate.

Funnily enough, working in real estate wasn’t my first career choice. As a teenager, it was my dream to become an architect. I would spend my time in Melbourne visiting display homes with my aunties and uncles, fascinated by the different designs and how the homes had been built. However, in my final years of schooling, I really struggled, not knowing at the time I was dyslexic. It was because of this I decided I would get into selling homes instead of designing them.

Diving head first into the industry as a land salesman, the first block of land I sold was for $5,600 in Doncaster, which would probably be worth close to $1 million in today’s market. After working as a land salesman for one year, I took a chance and opened my business at the age of 19 years with my business partner Jim Reed. Starting a business so young was crazy, as I had more ego than anything.

Our business started out selling homes in Doncaster East and Lower Templestowe, which was a relatively new region but quickly became popular with the opening of Westfield Doncaster, formally known as Shopping Town, in 1970. The average price for a brand new four-bedroom home in 1972 was $22,000, and if you had told me then Melbourne’s median house price would surpass $1 million, I would have called you crazy.

Despite enormous change occurring during my 50 years in business, one thing has remained the same – the reliability of property as a long-term investment. Despite what the next six, 12 or 15 months has in store for the industry, a property’s worth will double in the next 10 years.

No matter how inconceivable it may seem, we have seen this trend in Australia over the last 200 years and I believe the trend will continue going forward.