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One of Australia and New Zealand’s largest property networks has revealed its annual results, posting its biggest year on record.
The Ray White Group made $44.7 billion in sales in 2016-17, up 4 per cent on the previous fiscal year. Its sales market share in Australia and New Zealand improved 0.15 per cent to 10.3 per cent in the year to June.
Chairman Brian White said that amid much consternation regarding tight stock number, the Ray White network improved its market share.
He said the group continues to list twice as many properties as the next biggest agency group, and it remains the largest auction house in Australia and New Zealand with around 15 per cent of the market.
“The performance of the property market in 2016-17 highlighted, once again, the critical role that property plays in the wealth of the Australasian community,” he said.
“Property is so important to the vibrancy of our communities.”
Mr White said that one of the features of 2016-17 was the improved stability of many markets that had been damaged in the post-mining boom, particularly in some parts of regional Australia.
He also said that while Sydney was the obvious standout market, Melbourne and Auckland also performed remarkably.
“The Gold Coast is also pumping. There has been some exceptional growth in that market over the last year which may surprise some people. And our network in regional New South Wales has had a great year, too.”
Director Dan White said that each of the 1,000 businesses that make up the Ray White network were in unique markets, each experiencing different conditions.
“While we are happy about our record trading result, what was most pleasing was the overall improvement in profitability for the majority of our individual business owners,” Mr White said.
“More efficient and more profitable businesses translates into better opportunities for all of our members, and improved client service.
“The continued growth of the group enabled further significant investment in our group technology and customer service platforms as well as our network profit teams, all enhancing the ability of our leaders to make better decisions.”
Based on the group's 2016 financial year findings, its offices converted a 12 per cent increase in revenue to a 10 per cent increase in profit.
“We’d expect similar results once we update this analysis shortly for our offices post June 30, 2017,” Mr White said.
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