Brian White labels housing market resilient as Ray White’s Australiasian March sales figures pass $2.4 billion

The Ray White real estate group is on track to surpass its March 2011 sales figures, which group chairman Brian White describes as a “positive sign for the broader market”. 

Preliminary figures compiled across more than 700 Ray White real estate offices, including offices in Australia, New Zealand and Indonesia, show that the real estate group sold $2.44 billion worth of residential and commercial property during March 2012 compared with $2.43 billion achieved in March 2011. 

White says the March results are viewed by the group as the “key monthly indicator for the entire year”. 

"Rarely will our figures come close to March until well into spring. So the group’s incomplete sales results of $2.4 billion gives confidence that the Australian market is assuming a new resilience,” he says. 

The March 2012 figure was also significantly up on the $2.06 billion sales turnover recorded in February 2012 and the $1.52 billion recorded in the traditionally quiet January period. 

"Ray White Group’s March figures were a pleasant surprise, suggesting that the Reserve Bank of Australia's decision to keep rates on hold was not imprudent," says White.