Ray White sees 16 percent drop in November sale results
Ray White's November sales results saw a 16 percent drop on its November 2017 record, according to their latest advisory.
Dan White advised in The White Paper update the group sold $3.87 billion in unconditional sales last month.
The November drop was bigger than the October drop when the trading sales value for Australia and NZ came in just over $3.66 billion, eight per cent less than October 2017.
September saw almost $3.4 billion traded for the month, which was 10 percent lower than September 2017.
Australiasia's housing market correction was evident in August as the group recorded $3.49 billion in unconditional sales, which was 13 percent lower than August 2017.
The NSW network recorded a 26 percent fall in sales in August to $938 million and there was a 28 per cent drop in total sales in Victoria to $465 million.
Dan White noted Ray White's market share has been growing across these markets in the last 12 months but the overall market was shrinking.
"While there’s no doubt that the core east coast markets have eased, Ray White Double Bay had their best November ever," he added.
Ray White Double Bay recorded November sales of $151 million with the 25 person sales team converting 38 sales with an average sale price of $3.96 million.
The Double Bay agents Craig Pontey and Elliott Placks secured Ray White's highest sale of the month – a Vaucluse trophy home – for around $30 million.
Mr White noted that despite some bright pockets that transactions were down broadly and with less market activity, advertised listings have surged higher.
"Buyers now have ample choice and time on their hands to negotiate on price and there is certainly not the same urgency in the market, plus finance is hard to access."
The tally is across Australia and its international offices.
Their New Zealand network had their best month of sales for 2018 in November which was up by 28 per cent on the same month last year and up 15 per cent on October.
