This article is from the Australian Property Journal archive
RAY White has reported a 2% growth in sales for June compared to the same time last year, despite a shaky property market.
Ray White joint chairman Brian White said the group had been anxious about its June sales results because of stories of a downturn in buyer interest and reports of reduced bank loan applications.
“Yet the month held up remarkably well to total $2.4 billion.
“This was an 11% decline on the previous month but it was 2% ahead of the same time last year when the boosted First Home Buyers’ Grant was in full flight,” he added.
Despite reduced open for inspection numbers and bidding at auctions being more subdued, Victoria maintained strong sales levels sales 45% up on the same time last year.
New South Wales produced a solid result with a 9% increase in June.
But White said a reduction in the appeal of high end properties was discernable as the month went on.
“Some other markets are proving tough. North Queensland has been damaged by a decline in tourism and even markets such as Mackay were impacted by the controversy over the proposed Resource Super Profits Tax.
“But Mackay offices are reporting a lift in confidence since the resolution of the dispute between the federal government and the mining industry,” he added.
White said New Zealand had a slight reduction in activity following the first interest rate increase in 13 months, but with Auckland being less affected.
Australian Property Journal
