Life is full of important milestones. Those moments when we reflect on our most treasured memories, relationships, and accomplishments and those when we look to the future. This year has brought me significant milestones – turning 70, celebrating 50 years of Philip Webb Real Estate, and, most recently, my retirement.

Philip Webb Real Estate’s 50th birthday was a huge personal accomplishment and one that was even sweeter to share with my son and CEO, Anthony Webb. He has been the company’s backbone for the last 15 years.

I have witnessed significant changes in Melbourne real estate over the past 50 years. In 1972, Never in my wildest dreams would I have imagined Melbourne’s median house price would surpass $1 a brand- new four-bedroom home in Melbourne’s outer eastern suburbs would have cost no more than $22,000. million or we would see the astronomical jumps in property prices we saw during the pandemic, particularly in areas like the Mornington Peninsula. I have worked through several turns in Australia’s economy, which were challenging points in my career to overcome.

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. As we enter yet another uncertain time with the rise of interest rates and inflation, we must remember we have been in this situation before, and we will again, but the market will always correct itself. It might not be for 10, 15, or 20 years, but it will in time, level out.

I want people to remember that since Federation, property prices have doubled every 10 years. If you have just entered the property market and own an $800,000 home, by 2033, your home will be worth close $1.5 million.

So, hold on to it and don’t expect any instant returns.

Fast forward 50 years, and I have seen Philip Webb Real Estate grow from just two young men taking a gamble to a team of 100 spanning three offices in Melbourne’s thriving east. This moment felt like the perfect time to hang up my gavel and leave the business in capable hands.

This brings me to my latest milestone of 2022 – Philip Webb Real Estate joining forces with Barry Plant Eastern Group.

Philip Webb Real Estate and Barry Plant share many of the same values and have a comparable history in Melbourne’s east. This was critical to us as a company when we decided to merge the businesses. I know that my son, Anthony, and the Barry Plant team will do the right thing for our clients and our loyal community.

I look forward to witnessing the continued growth of our real estate industry and the incredible achievements that would never have seemed possible when I started my career 50 years ago.