Last month we asked was a bell ringing indicating that the bottom of the market had been reached in Australia. It also defined how important March is in the real estate year – being the end of the always important Summer selling season.
In reality, Australia’s results were mixed. Terrific strength in New South Wales which has now joined Western Australia in being an exciting place to sell real estate. We can’t say the same about the other Australian markets – not that they were disappointing – they just didn’t leap out at us, as did our frontrunning states.
Of course when we talk about New South Wales we really mean Sydney. And it was jumping. The arrival of “SIVs” (Significant Investment Visas) permitted a broader enquiry from possible Asian purchasers.
So the Ray White Group result of $2.5b was still a strong result. We wanted more. That will come.
Loan market was up 10 percent in applications on February but down approximately 5 per cent on March 2012.
Click Here to read the latest edition of The White Paper, Brian White’s review of the market and Ray White Group activity in March.