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Just one month after posting its biggest month for sales ever, one of Australia’s largest real estate networks has gone one better.
Thirty-three days after Ray White reported its biggest month on record with $5.71 billion in property sales, the network has one-upped itself — breaking the $6 billion barrier in November.
In total, the network has reported a staggering $6.68 billion worth of property sales over the month.
Commenting on the figure, Ray White managing director Dan White stated that “if anyone had said in April 2020 that we would sell more than $6 billion worth of property in November… well, no one would have ever dreamed of such a thing — let alone say it!”
He highlighted that “the jaw-dropping result is some 34 per cent higher than the same period last year”.
“The continued momentum shows the undeniable underlying strength in the Australian and New Zealand property markets, which have been building enormous momentum over the past six months,” Mr White continued.
The Ray White group is crediting much of its current success to auctions.
Since January, it has reportedly booked 16,000 auctions while the national clearance rate currently sits at 60 per cent — up by 7.36 per cent on 2019.
According to Ray White, nationally there were 4.5 average registered bidders for each auction — an increase of 1.2 on the same period last year.
In addition, average active bidders also rose by 0.3 to 2.6 per auction.
Ray White stated that the increase of bidder activity speaks to a wider trend of intense buyer activity in a market with decreased stock levels, which led to sellers receiving 10 per cent more on average by selling under the hammer at auction than by accepting a prior offer.
Calling itself the “clear auction market leader”, Ray White said it held 24 per cent market share nationally in 2020.
“Our market share jumped to 40 per cent during COVID-19 within 24 hours of the Prime Minister banning outdoor auctions in March, as we moved to online live auctions,” the group said.
It reported conducting 1,162 auctions online, clearing 54.1 per cent “under the virtual auction hammer”.
Mr White has also attributed much of the group’s recent and record-breaking success to intense buyer competition, commenting that “we have been highlighting record levels of buyer activity since May”.
He added that current metrics are giving Ray White “confidence that the current momentum should endure well into next year, as so many potential buyers will finish 2020 with unfulfilled ambitions”.
“The healing process in the broader economy continues. Super-low interest rates and an improving job market have underpinned this recovery which will tick along in 2021,” the managing director said.
“With international borders still shut and all Australians holidaying at home this year, we believe this will be a strong summer for all our sellers and buyers, a summer to remember.”
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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