Real estate group achieves record sales

By webmaster

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.

Real estate group achieves record sales
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
BLUE BAY 49.18%