RAY White's trans Tasman 'Auction Spectacular' events has generated a record $2.37 billion in sales.
More than 700 properties were listed for sale in the 2009 Ray White Auction Spectacular, with auction events taking place in 25 different locations during the second half of March.
Ray White growth chief executive Mark McLeod said it was the group’s strongest sales month in 18 months and a 15% improvement on the corresponding period in March 2008.
He added that the results also highlighted the effectiveness of auctions and Ray White plans to host “bigger and better’ spectaculars later this year.
McLeod said the highly encouraging monthly result for Ray White in the challenging economic climate was helped by incentives such as the boosted First Home Owner’s Grant and near record low interest rates.
“The property market is unexpectedly strong at this point in time and if the Federal Government extends the increased grant past June 30 this year that would help to maintain activity at the lower to middle end of the market,” he continued.
In New South Wales there were total sales of $34 million from the 14 Auction Spectacular events statewide, while in Queensland property worth $28 million changed hands.
Victoria’s first ever Auction Spectacular in Melbourne resulted in sales of more than $9 million, while Western Australia generated $8 million.
McLeod said the Auction Spectaculars were attended by thousands of people and sales were continuing with the clearance rate rising daily.
“It’s a highly competitive environment and there’s a sense of urgency which stimulates buyer interest and a call to action,” he concluded.
Australian Property Journal
