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Residential sales continue to boom

Staff Reporter 4 minute read

By: Staff Reporter

Real Estate group Ray White has posted an 8 per cent increase in sales in April.

Strong sales in Victoria and New South Wales helped the real estate grow sales from $2.2 billion in March to $2.37 billion in April.

Ray White joint chairman Brian White said Victoria was the strongest performing state in the residential market with a 29 per cent improvement, while NSW was up 14 per cent and contributed almost 25 per cent of group sales.

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“Melbourne and Sydney continue to be the Australian residential property pacesetters while South Australia/Northern Territory also had a very good month,” he said.

“South Australia has shown great resilience to the RBA’s interest rate rises and recorded a 19 per cent increase for April.”

While Sydney, Melbourne and Adelaide all posted good sales growth, residential sales were softer in Queensland, WA and New Zealand last month.

Mr White said there were signs the RBA’s interest rate strategy was beginning to bite in the residential property sector in these areas.

“The ambition of the RBA to slow down the residential activity is well known and one can only assume they would be satisfied with their progress,” he said.

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But Mr White said the commercial property sector was continuing to rebound from the economic decline with Ray White Commercial’s sales last month 57 per cent up on April, 2009.

“The commercial sector is certainly picking up on what was a challenging time last year,” he said.

Residential sales continue to boom
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