The Ray White Group continued to benefit from the strong Australasian property markets in the year to June 2016, with total sales of $44 billion – an increase of 10% over the previous year.
Overall market share increased across both Australia and New Zealand and the Group added greater capacity to its specialist commercial and residential projects businesses.
“It was one of the golden years,” said Group Chairman, Brian White. “People that have believed in property have been amply rewarded.”
“The record low interest rates created an environment not previously experienced. The benefit of these lower interest rates more than counterbalanced the increase of prices in terms of the affordability of the overall market,” he said.
Prospects for 2017 remain positive and the signs of the traditional surge in spring time listings are apparent. As an indication, Ray White Double Bay’s first spring auction event, scheduled for 29 August, has a record number of properties going to auction.
“The feature of both the markets in Australia and New Zealand is in the inner city property markets. Perhaps the biggest generational change. The previous overwhelming preference for families to move to the newer suburbs has, to a degree, been reversed as the inner city community facilities and services become more developed,” Mr White said.
The Group settled 74,000 transactions which was 5% up on the previous year.