June market steady: Ray White

Jonathan ChancellorJuly 11, 2011

The June sales figures of Australasian real estate group Ray White came in at $2.07 billion, virtually steady with the $2.1 billion tallies for May and April.

But Ray White’s monthly figures reflected a continued 14% decline in sales against last June, which likewise mirrored the sales tally of early last year.

“At around $2.1 billion, it is very much business as usual relating to the monthly patterns since January 2011,” chairman Brian White says.

“Overall property prices in the last 12 months have eased, with many areas already experiencing a significant reduction,” he says.

“There is no doubt that many are believing that current conditions reflect smart buying opportunities.

“The recent decision by the Reserve Bank of Australia to hold interest rates at current levels – and the New Zealand Reserve Bank even decreased theirs early this year – may well suggest that we may be in the bottoming part of the cycle.

“A constant comment is that this is the perfect time to upgrade one’s residential property.

“It makes more economic sense to sell and upgrade when prices are constrained than when prices are out of control.”

He says relatively few of his offices reported an oversupply of stock for sale.

“Building activity is at a low level, so a dramatic oversupply is not looming as a fundamental problem.

“All markets had significant continuing activity, with any slight further easing in values since January covered by an increased number of sales,” he noted of the Ray White tally.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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