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Cheap credit, high demand pushes home sales to monthly record

Business

Ray White completed a record $5.7 billion in sales for October and expects the record run of sales to continue through summer on the back of cheap credit and a surge in buyer demand.

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The revenue was 30 per cent up on the same month last year and 22 per cent higher than the previous record set in November 2019, and the company says the conditions were ripe for a bumper summer.

The result coincides with Westpac’s upbeat report on house prices. In its Westpac-Melbourne institute survey this week, the bank said Australians were increasingly confident about house prices and an index under the category of “time to buy a dwelling” increased 8 per cent, the highest reading since 2013.

Queensland led the increases on the dwelling index with an 11.7 per cent jump and overall Australians are expecting a significant improvement in the economy over the next 12 months.

Ray White said online search inquiries to the network’s listings were up 43 per cent year on year in October. The company said the result was boosted by expats looking to come home and people looking to move across borders once the restrictions were lifted again.

Ray White Group managing director Dan White said while some markets had outperformed, prices were holding rather than materially rising.

“This is an interesting dynamic which historically has been a positive indicator of sustained market activity,” White said.

The number of listings were up slightly on 2019 and below the level in 2018 and auctions were also reduced but clearance rates were strong.

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