Ray White posts 4 percent rise in February results, helped by NSW and Victoria sales

The Ray White Group, which calls itself Australasia’s largest property group, said February earnings rose 4 percent over last year at $3.44 billion, helped by strong sales in NSW and Victoria. 

“Our result for February was actually a slight increase over last year which, as many will remember, was a great market,” said Brian White AO, chairman of Ray White.

He said sales numbers were only slightly behind 2016 with the factor of increased values – particularly in Sydney – having a positive impact.  

Ray White said it achieved a “personal best” for performance in February in NSW and Victoria, with sales of $1.13 billion and $526 million respectively. The NSW result was 16 per cent more than February 2016 while Victoria saw a 5 per cent increase. 

However, Western Australia continues to worry, said Brian White. 

“Most markets were similar to last year but Western Australia is still experiencing lack of confidence,” White said. 

In New Zealand, the final offices of the Leaders Real Estate Group joined Ray White. In total 15 main offices and seven branches have migrated over to Ray White, whose New Zealand network has grown to 156 offices with an expected turnover of $11.2 billion per annum.

The Ray White Commercial group of businesses came in at $152 million for the month, slightly behind 2016.

But Brian White said investors are looking further for better returns.

“The sale of the Precinct at Stuart Drive, Townsville by Stephen Kidd for $22 million further underlined the strength of the investment market and the preparedness for investors to look further afield for higher income returns,” White said. 

He said 11 new businesses joined Ray White across Australia in February.