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In a strong sign that the property market is headed north, Ray White has reported its best NSW July sales ever.
The real estate’s statewide sales for July were $657 million, the best result since the company started tracking its monthly outcomes in 2001.
According to Ray White’s NSW CEO Stephen Nell, the strong results came as a surprise because sellers traditionally hibernate in the winter.
“We’d normally expect a result like that in spring, which is when a lot of people put their properties on the market,” Mr Nell said.
“To produce a record result in July gives us a lot of confidence that the property market in NSW will stay strong during the remainder of 2009.”
Mr Nell said the record sales were the result of a lack of available lower end properties.
“With fewer properties under $500,000, the first time buyers are now looking at properties in the $500,000 to $750,000 price bracket and sometimes even over $1 million,” he said.
“That pressure on the middle end of the market is leading to increased activity in the prestige section from the cashed up second-tier buyers looking to upgrade.”
Last month, the level of housing finance for dwellings increased by 0.3 per cent, according to the Australian Bureau of Statistics.
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