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Best year ever in NSW property: Ray White
Released 15 December 2010

NSW real estate is the best it’s ever been for Ray White, according to Chief Executive of Ray White NSW, Stephen Nell.

Nell said NSW sales have exceeded the record highs of 2007 for the company.

“This year we’ve already exceeded our $7.9 billion turnover record at a time when commentators are reflecting on this year as a poor property performance. And the year isn’t even over.” Nell said.

“While 2007 was the hottest real estate market in Australia’s history with rampant lending and frenzied buyer behaviour, we’ve outperformed this despite four rate rises and buyer hesitancy.”

Nell says that this year the company’s figures in NSW where less influenced by market factors.

“We are dependent on the quality and ability of our agents. Given current market conditions, their knowledge and commitment is crucial. We pride ourselves on having these people in our company.”

Sydney’s North Shore and South West metro were identified by Ray White NSW as top performers, so too the Central West in regional NSW.

“The problem with most 2010 data being reported is that it takes into account housing prices across Australia. The reality is that Melbourne and Sydney perform consistently, indicating that people will continue to gravitate towards the most popular centres.”

“We’re expecting much of the same in 2011,” Nell said.