Brian White, chairman of the Ray White Group said records are traditionally set in November or March, but last month was on a par with the previous Ray White record.
“May [is] seen as the beginning of the reduced activity over the curl of winter months.
“This is the first time this number – a record-equaling result – has been achieved in a month of May,” Mr White said.
The group result reflects continuing strength in the Australian markets, particularly in Sydney and Melbourne.
“It’s the third time in recent months that NSW achieved a result of over $1 billion by itself.
“The observation made in April, where listings were at an unusually high level, prompted comment that vendors were increasingly of the opinion that placing their properties on the market now made sense.
“This has carried over to May with another strong listing month,” Mr White said.
And there appears to be no sign of slowing, according to senior economist at Australian Property Monitors (APM) Dr Andrew Wilson.
“Winter’s here and winter is typically a quieter period for capital city housing markets, but I think we’re going to buck the trend this year,” he told Real Estate Business.
“I think we’re going to have the hottest winter we’ve had for the housing market maybe ever.”
Mr White agreed with Dr Wilson, and said he anticipates performance throughout the winter months to be better than many are suggesting.
“The prognosis for the winter real estate market continues to look more promising than many observers are predicting,” said Mr White.