Ray White see August 2018 sales dip

Ray White agents across Australasia achieved $3.4 billion in sales during August, which was the same tally as July.

However it was down on last August.

The last month of winter in 2017 saw the headline sales figure for Australia and New Zealand come at $3.67 billion, which was up nine percent compared to 2016.

At the time it was noted August 2017 "had produced a better result than many might have expected."

This week Brian White noted "while well below the result last year, it supports our view that the market may well have now adjusted."

Brian White, chairman of real estate agency Ray White, said the majority of the market correction had already happened.

“There has been an adjustment and I believe that much of that adjustment has been made,” Mr White said.

“The speed of the growth in Sydney and Melbourne was unsustainable.

"We are experiencing a healthier market.”

Markets outside Sydney and Melbourne had been resilient.

“Only an explosion in interest rates would pull the market down significantly,” he said.

State based figures were not available for August 2018.

But in August 2017 New South Wales sales had lifted 18 per cent year on year to $1.259 billion. Sales volume in Victoria jumped 30 per cent to $647 million.

In August 2017 Queensland’s sales came in at $696 million, just $2 million shy of the same time in 2016. Tasmania booked $10 million, while Western Australia reported $84 million and South Australian sales came in at $117 million.  Its New Zealand network reported $629 million in August 2017, down 13 per cent on the same period in 2016.