Despite three consecutive rate rises in as many months, the property market is still booming, according to Ray White.
The real estate and property group last month recorded its best residential sales result in NSW, with sales totalling $840 million.
Ray White NSW chief executive officer Stephen Nell said the result was a surprise after the group’s figures for April of $693 million reflected a downturn in activity as a result of the RBA hiking rates.
The group’s record volumes are 16 per cent better than this time last year, with Ray White’s Double Bay office in Sydney’s east recording an all-time group best result of $123 million.
“The RBA increased the cash rate again last month by a quarter of a percentage point to 4.5 per cent but we have still posted sales of $840 million,” Mr Nell said.
“Activity was more subdued in April but last month we had a significant increase in listings and auctions so that has no doubt contributed to the strong result.
“Despite rates going up, there is still a shortage of properties on the market and when demand exceeds supply that will always boost momentum for sales.
“This result is also a great credit to our sales teams who have worked hard and been persistent in a challenging environment.”
Mr Nell said the prospect of the RBA keeping rates on hold for the next few months will help achieve a balanced market.