Property market records comeback

The biggest property group in Australia, Ray White, has just recorded its best sales results in 10 months with $5.7 billion worth of property changing hands in March 2023.

The group helped more than 14,000 buyers and sellers in the month of March, just 10 per cent less than the same month a year ago.

Ray White Managing Director Dan White said the 730-strong Australian office network had been building towards these strong figures since the end of 2022.

“We noticed a stronger level of buyer engagement across most price-points and throughout Australia in late 2022. Strong auction results and sales numbers since then has created the confidence needed to bring potential vendors to market,” said the fourth generation leader.

“This decision by the RBA today will further support the continued recovery of the market, as it would be surprising if the buyers in March were expecting the RBA to pause rates in April.”

The group’s data has been pointing to price growth occurring since December, and it’s consistent across every capital city.

The marketing leading auction group conducted almost 2500 auctions in March with 4.5 registered bidders per property on average and almost three active bidders on each one and 63 per cent sold under the hammer. These results are above the group’s long term averages and consistent with a balanced market.