What Happened to the markets in May?

Followers of the White Paper might sense the drama that awaits the completion of our monthly results.

No lesser tension this time. World economic market talk was terrible. The soft property results in April could only support fears of a further slide. Surely the ‘experts’ knew what they were talking about!

Well, pleasant surprises do happen. The Ray White Group achieved the best result in two years – in fact our achievement of $2.6 billion in unconditional sales was only marginally behind the May 2010 result.

The languid property markets of Queensland and Western Australia led the gains in Australia.
Yet our Sydney harbour businesses had one of their best results for months in May resulting in Double Bay becoming our top performer for the group. Our Lane Cove and Lower North Shore offices came second and third. This is the first time ever our top three offices all came from this one market.

New Zealand, particularly Auckland, remains sensational. Our Ponsonby business heading our New Zealand results. Why is the Kiwi market so strong?

Indonesia, again, created a remarkable record. More proof that markets eventually turn! The group’s rural and commercial results are more subdued.

A sale for $12.7 million at Sanctuary Cove (pictured above) during the month proved there is always a buyer for the highest quality property. This sale will astonish many Gold Coast watchers who have lost, we suggest prematurely, faith in the Gold Coast.

The Group’s Loan Market almost set a new record at $620 million in approved housing loans – a further endorsement that buyers interest is on the turn from hold to active.

Taken from raywhite.net