The Ray White property powerhouse reports record $44.7bn year

Australiasia’s biggest property group, the Ray White Group, has recorded its biggest ever year with $44.7 billion in sales in 2016-17, up four per cent on the previous fiscal year.

The Ray White Group’s sales market share in Australia and New Zealand improved 0.15 per cent to 10.3 per cent in the year to June.

Ray White Group director Dan White said each of the 1000 businesses that make up the Ray White network were in markets experiencing different conditions.

“While we are happy about our record trading result, what was most pleasing was the overall improvement in profitability for the majority of our individual business owners,” Mr White said.

“Based on our 2016 financial year findings, our offices converted a 12 per cent increase in revenue to a 10 per cent increase in profit."

Ray White continues to list twice as many properties as the next biggest agency group and it remains the largest auction house in Australia and New Zealand with around 15 per cent of the market.

Ray White Group chairman Brian White said there had been much comment during the year regarding tight stock numbers but the Ray White network improved its market share.

“The performance of the property market in 2016-17 highlighted, once again, the critical role that property plays in the wealth of the Australasian community. Property is so important to the vibrancy of our communities,” Mr White said.

“One of the features of 2016-17 was the improved stability of many markets that had been so damaged in the post-mining boom, particularly in some parts of regional Australia.

“Obviously Sydney was a stand out market but the same can be said for Melbourne and Auckland.

“The Gold Coast is also pumping.

“There has been some exceptional growth in that market over the last year which may surprise some people.

“And our network in regional New South Wales has had a great year too.”