Ray White posts 10 percent rise to $44 billion in financial year sales

The Ray White Group total sales for the financial year came to $44 billion - an increase of 10 percent over the previous year.

Overall market share increased across both Australia and New Zealand.

“It was one of the golden years,” said group chairman, Brian White. 

He said prospects for 2017 remain positive and the signs of the traditional surge in spring time listings are apparent.

"As an indication, Ray White Double Bay’s first spring auction event, scheduled for 29 August, has a record number of properties going to auction.

“The feature of both the markets in Australia and New Zealand is in the inner city property markets.

"Perhaps the biggest generational change.

"The previous overwhelming preference for families to move to the newer suburbs has, to a degree, been reversed as the inner city community facilities and services become more developed,” Mr White said.

The group settled 74,000 transactions which was 5% up on the previous year.

It resulted in the posting an 8 per cent increase in full-year gross fee income to $1.11 billion.

The result includes all residential and commercial transaction fees, but excludes revenue from the group's mortgage origination business, Loan Market.