Ray White posts best results in eight months and says Gold Coast office surprise star

Real estate group Ray White racked up $2.4 billion worth of residential sales in November, its best result since March.

Group chairman Brian White says the overall result was also slightly ahead of what it achieved in November 2010 and “proof that the market is far more robust than some expected”.

A surprise strong performer was the Ray White Gold Coast office, which for the first time this year recorded unconditional sales in excess of $100 million.

“Nothing remarkable a few years ago, but almost twice more than some recent months. Look out January,” says White.

“Sydney provided some outstanding results. The number of ‘personal bests’ surprised us, bearing in mind market sentiment. Melbourne was stronger than it has been for a long time.”

“Our New Zealand numbers were again ahead of the same time last year – a traditional bellwether test for us,” he adds.

White says he is uncertain if the November rate cut helped drive sales to an eight-month high, but says the result was welcome nonetheless.

“[Following the rate cut] activity levels immediately improved. Open for inspection attendees jumped. Mind you, it wasn't all plain sailing.

“Anecdotal stories of young people putting off purchasing homes through ‘the crisis in Europe’ surprised me with their frequency.

“It's hard to remember a time when Europe would so dominate the behavioural patterns of Australians. Such is the remarkable uniqueness of our times,” he says.

According to White, the next RBA interest rate movement should be downwards.

“If any more re-setting of official interest rates is to occur, it will be on the down side."

“It is a powerful message that surges through a community. On the one hand, negativity, on the other hand, renewed confidence all meeting the thousands and thousands of transaction processes. Some vendors satisfied. Other vendors sadly disappointed.”

Among the highlights of the year was a successful Asian marketing tour, during which more than 20 residential sales were made to Indonesian purchasers in the new Top Ryde City project north of Sydney.

“In fact, all of Asia seems to be selling to all the rest of Asia. For the first time in memory, Japanese developers are marketing Tokyo housing projects directly to Australian citizens through the Australian press,” White says.

“The giant Dubai developer Majid is set to market their massive Al Futtaim project in Beirut to the Lebanese community in Australia.”