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12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
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69.38%
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67.09%
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Residential market strong: Ray White

By Staff Reporter
04 December 2009 | 1 minute read

Despite three consecutive rate rises by the Reserve Bank, the residential market continues to perform very strongly, Ray White chairman Brian White has said.

Mr White said the real estate had enjoyed one of the strongest springs on record.

“We believe that the specific implementation of interest rate increases pulled back the spring surge which had been expected to lead to a bumper November – generally the biggest month of the year,” Mr White said.

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“But comment has been made that the ‘jaw boning’ of the RBA of likely interest rate increases helped create stock that is the fundamental requirement for the active market.

“And buyers were there to take advantage of it. Sellers of homes to first home buyers capitalising on the boosted government grant then reactivated the second home market and this eventually flowed to top end properties.”

Mr White said residential sales for Ray White nationwide had been solid despite the rate hikes, with New South Wales, Victoria and Queensland leading the way.

“We have achieved sales of more than $2 billion in both NSW and Queensland over spring, while Victoria continues to enjoy great success with sales of $1.3 billion,” he said.

In NSW, Ray White’s sales in November totalled $736 million, a 56 per cent improvement on November, 2008, and the second highest ever November result.

“Queensland also reported sales of $736 million during November with 11 of our offices achieving personal best results for the month,” Mr White said.

“In Western Australia our sales for November was more than $127 million, which was 36 per cent up on the November, 2008, result.

“These results show that the market has been coping very well with these rate increases.”

 

Residential market strong: Ray White
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.