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Ray White sees $2.3 billion sales in March
Released 12 April 2011



The month of March traditionally is a key barometer for an analysis of real estate activity, according to Ray White chairman Brian White.    

“It is the culmination of all summer activity. It will not be until spring before activity levels will be matched,” White explained.
 
He said the Ray White saw $2.3 billion of sales in March 2011, 16% below the same time last year.

“When allowing for the downward adjustment in value levels in many of our markets, it revealed healthy continuing transaction volumes,” White said.

“This supports our predictions that buyers were becoming more active with a continuing confidence in the underlying strength of both Australian and New Zealand economies.”

“Perhaps paradoxically, the resource states of WA and Queensland are tough going at the moment. Queensland has it’s special issues on top again.”

“Yet the key underlying pattern persists: the ongoing power of the big cities – Sydney and Melbourne in Australia and Auckland in New Zealand. In fact, it was the second best Kiwi month for the last year.”

White said stock levels are good with many vendors having confidence that they can buy and sell in similar market conditions.

“Expectations for the winter months have been enhanced by an interest rate reduction in New Zealand and stable rates in Australia.”