Off the back of Queensland’s record population growth, Ray White has reported its best sales figures during the month of September in the state.
The network sold a total of $1.46 billion worth of property throughout the month, according to Ray White Queensland CEO Jason Andrew, an increase of 58.6 per cent over September 2020.
Mr Andrew commented that multiple factors had driven the company’s growth, with the stars aligning for a bumper month.
“Only a year ago, [Queensland’s] market was sitting at roughly $51 billion, and in just 12 months, that same market has risen to almost $79 billion,” he said.
Queensland is currently experiencing the strongest population growth in Australia, a factor that Mr Andrew said agents were making the most of.
“In many cases, our members have chosen not to take the easy route and sell quickly, but are instead working hard to create competition to ensure the best result for all parties. This has resulted in an 11.47 per cent difference between the highest offer prior to auction and the sale price under the hammer – something we are immensely proud of.”
An increase in auctions had played a central role in Ray White Queensland’s success, with Mr Andrew reporting the network was currently calling one in three auctions across the state.
Scheduled auctions were up more than 110 per cent in the sunshine state this September over the previous year, with a clearance rate topping 81 per cent – a 30 per cent jump.
According to Ray White Queensland chief auctioneer Gavin Croft, the network topped those already elevated numbers significantly during the first two weeks of September, when the brand’s average clearance rate came in at 95 per cent.
And the business also reported an increase in attendees and participants, with its auctions attracting an average of 7.2 registered bidders and 4.2 active players.
“The jump in bidder numbers has been fuelled by interstate interest and local buyers’ appetite to upgrade their lifestyle,” Mr Croft said, predicting that migration to the state would continue to fan the flames.
“There is no question that we anticipate demand to outweigh supply till the end of the year in a positive sign for prospective sellers,” Mr Croft added.
An in-room auction held during the second last week of September produced the biggest sale of the month, when Ray White Ascot sold property developer Anthony Barakat’s 1 Dickson Terrace, Hamilton, home for $7.5 million under the hammer.
New office openings had also propelled the brand’s strong September, according to Mr Andrew. He highlighted Ray White Holland Park principal Piers Crawford’s expansion to Camp Hill, Adam Downes’ move to principal of Ray White Ashgrove, Mark Flinn’s new ownership of Ray White Port Douglas, Peter Catanzariti’s addition of a third office at Pimpama, and the opening of Ray White Maleny as momentous moves for the Queensland network.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.