What Happened to the Markets in October?

What a month! All the stars seemed to align. Resulting in the best property market in memory. It’s not far off two years since the Australian market really began its surge. New Zealand celebrates its third buoyant year next March. Record volumes of auctions reflect the confidence of vendors that now is the ideal time to test the market.

It’s always an interesting question – “why so many listings if the market is so strong? Does it reflect the feeling that one cannot rely upon these conditions continuing?” Certainly those sentiments are being fuelled by the concerns recently raised by so many economists and policy makers.

Sydney is the star. Why, suddenly, Sydney becomes the standout is an intriguing question. Has it been the property market that has crowned Sydney as the true capital of Australia? The power of property!

For Ray White, $3.5billion for the month is an all-time record. Never before have we had so many offices achieve $40million in sales, congratulations to Glen Waverley (Vic), Double Bay (NSW), Remuera and Auckland Central Commercial (NZ) as well as New Farm, Surfers Paradise and Ascot (Qld). Great strength in the eastern states of Australia with remarkable resilience in New Zealand. Offices, that have planned deep integration within their communities, have produced results never before imagined. Commercial markets producing fabulous results in all sectors.

Loan Market is enjoying wonderful trading conditions and this is reflected in the results that both our brokers and lenders are achieving.

Most commentators predict third party broking channels to write between 15 and 20 per cent more than last year. Those are some big targets and reflect the fact that these conditions are perfect for growing a broker business.

In the first quarter of this year, nationally, we have seen our receipted settlements volume grow 15 percent on the same time last year. Many of our Loan Market franchisees are also posting strong growth and, more importantly, are planning for significant growth over the rest of the financial year.

What’s new at Ray White

The big event in November is the reconvening of the Wealth conference on the Gold Coast. Over 650 delegates will attend the largest property management specialist event in Australasia.  Brand new case studies and insights being released.

A team of commercial specialists from our Sydney and Brisbane offices undertook a trip to China to visit our clients that are active in Australian and New Zealand markets. Supported by our Beijing office, they came back with even more requirements for investment opportunities; seemingly an ever-increasing appetite. Sen Wang, from our China Desk, played a central role. During the month James Li, the owner of Ray White Hong Kong, met a number of the Australian developers (who had been referred to him by Andrew Salvo, our Ray White Projects leader in Melbourne) for whom he has marketed properties in Hong Kong.

As this report is being finalised Carey Smith, our New Zealand CEO, is in India finalising our 2015 plan for that country. He will also be visiting our new Ray White Dubai office.

A number of new office openings across our network is so welcomed. In Central Auckland, Ray White Lynfield which was an independent agency is now part of the Pure Group who has five offices throughout the area. On the Auckland North Shore, Ray White Sunnynook has opened. In NSW we opened in Canterbury, Bringelly, West Ryde, Cronulla, Canterbury, Seaforth and Balgowlah. Meanwhile in South Australia, Morphett Vale has opened and, in Queensland, we have now opened in Rochedale.

During the month, our Hobart office moved to fabulous new premises, virtually on the site where Ray White lived as child. How ironic, how powerful! Such is their success that they are now trading as Ray White Southern Tasmania.