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October 2020 has gifted one of Australia’s largest real estate networks its strongest month for sales ever — reporting $5.71 billion worth of sales.
Ray White has reported the huge result, which represents “the strongest month of sales ever in the group’s 118-year history”.
It’s a big win for the network, with the group also revealing current November figures are shaping up to deliver “another huge month” for the brand — “ending the spring selling season with a bang”.
A statement from the company said property demand is continuing to outstrip supply, with new listings down by 3.43 per cent over the past 28 days compared with the same time last year.
“This demand has held sellers in good stead, especially at auction, where competition is strong and properties are being snapped up at premium prices,” it was reported.
Its own Sydney auction clearance rate is proof, with the network’s auction success rate sitting at 73.8 per cent this spring to date.
According to Ray White, it has conducted 93 auctions in Sydney this month alone, with an average of 5.2 registered bidders at each event.
A further 85 homes are expected to go under the hammer in the city this weekend.
Nationwide, the network has reported taking 283 homes to auction since the beginning of November, with another 230 auctions expected to take place at the end of this week.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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