Ray White Toronto had a great month in Sales for December which capped off a successful 2010.
Brian White, Chairman of Ray White also commented on the results for December.
December property sales for Ray White, the largest property group in Australia, were unable to match the strong preceding turnover seen in December 2009. The Group result of $2 billion was still 17 per cent 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 Chairman Brian White, however transaction numbers were only down slightly- reflecting the revised property values overall.
“Again, Victoria (really, Melbourne) 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 per cent 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.
“A key market to watch will be the Gold Coast where Ray White is taking almost 300 properties to auction in late January. A renewed buyer inquiry has been fuelled by the expectation that prices will be the best that have existed for twenty years. Other markets are experiencing similar responses. Of note is the activity in flood bound Rockhampton where Ray White’s office had one of its strongest December months in recent years,” Mr White concluded.