In November, we saw the number of properties for sale catapult upwards by more than 21 per cent nationally. So much so that in the last week of the month, we saw the most properties going to auction we had ever recorded. Over the month we had a record 3,300 auctions scheduled and we sold 84 per cent of all of them. We had active bidding on 93 per cent of all our auctions too, also a record high for this metric. Registered bidders remain high at 5.9 per auction, well above our long term averages as buyer demand continues across the country despite what some pundits are calling the twilight of this boom.
The strong selling conditions led to solid conditions for our family of businesses and we helped more than 16,000 clients with their property ambitions. Not only did November’s unconditional sales of more than $10 billion far exceed last year, we also saw a rise in our market share across both Australia and New Zealand. This was particularly apparent in the booming South Australian market but was also visible in Western Australia and Victoria. This lift in market share and growth in properties for sale led to a sharp rise in market value more than the year which increased by over 50 per cent over the year.
This year has also turned out to be the year of the super deal, across all sectors of our business. Our biggest residential sale was conducted by Ray White Double Bay where a property in Bellevue Hill sold for $30 million. While expensive, it was in fact topped by Ray White Marine which recently sold a $50 million new build 44m superyacht. Topping the list for the largest sale was Western Australia’s Jandakot Airport by Ray White Commercial WA for $1.3 billion.
As we head into summer, we hope that all our members and customers have a wonderful holiday season with family and friends. And may 2022 be full of new adventures and good fortunes.
We hope you enjoy this month’s edition of Ray White Now.
Local agents Will Munro and Sam Borner have teamed up with Peter Ludbrook and Jarrod Cloke to create a powerhouse business at Ray White Ballarat. The merger of the two strong local real estate agencies solidified a powerful alliance in the local real estate market. This strategic move represents a … Read more
Australian property prices continued to increase in December and into January and are now well above the previous peak in 2021 for both houses and units. While surprising, given the rapid interest rate increases, the growth reflects a combination of continued population growth and limited new housing supply. With supply … Read more