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Buyers market for 2011: Ray White
Released 11 January 2011

December property sales for Ray White, were unable to match the strong preceding turnover seen in December 2009.

The group result of $2 billion was still 17% ahead for the gloomy market that existed in December 2008 – now seen as the low point of the market adjustment phase created by the GFC.
Missing from last year was the same rush to complete sales negotiations prior to Christmas according to Ray White chairman Brian White,
however transaction numbers were only down slightly- reflecting the revised property values overall.

“Again, Victoria was the standout – holding onto its record breaking level of 2009. Market adjustment in Melbourne has been the softest across the nation,” Mr White said.
“The more sanguine attitude of buyers in December of last year was the key reason Ray White’s results were 15% lower than December 2009.

“From comments made by many offices in the first week in January there appears to be a stronger realisation that this is a genuine buyers market. This coupled with a continuing belief that the Australian economy is inherently strong is leading to some strong inquiry from Australians not wishing to miss out on the opportunities that now exist.