Despite four interest rate rises in five Reserve Bank board meetings, the property market continues to post strong results, with Ray White recording a 20 per cent boost in sales during February.
The real estate group achieved total commercial and residential sales of $2.310 billion – up from $1.934 billion recorded in the same month last year
Ray White’s chairman Brian White said the company had managed to pull itself back from an “slow start to the year”.
"The market appears to be absorbing the interest rate rises we have had although we are not quite experiencing the sort of gains that we were achieving towards the end of 2009,” Mr White said.
Ray White's top performing market in February was Victoria, which reported a staggering 58 per cent increase on the corresponding period in 2009.
“Melbourne is consolidating its new reputation as Australia's most vibrant market,” Mr White said.
“New South Wales was not left behind and continued to perform strongly with a 41 per cent improvement, whilst the other Australian states each grew by less than 10 per cent.”