Ray White yesterday reported a 26 per cent growth in statewide sales in Victoria on the back of strong first home owner activity.
Preliminary residential sales exceeded $310 million for the month of July, according to the company’s Victorian general manager Marcus Williams.
Mr Williams yesterday said Ray White had been breaking sales records in Victoria with more than $1 billion worth of residential real estate sold over the past three months.
“Property sales, particularly in Melbourne, have been strong in recent months and the highly encouraging clearance rate at auctions is because demand is easily outstripping supply,” Mr Williams said.
“The federal government’s expanded first home owners grant scheme and the generous concessions from the Victorian government have generated a massive increase in activity from first time buyers.
“This has reduced stock in the lower and middle end of the market which has a ripple effect through the whole of the sector.”