Australasia’s largest real estate group, Ray White, has achieved its best ever July sales result in New South Wales in another strong sign that the property market has bounced back from the economic downturn.

Ray White NSW CEO Stephen Nell said the group’s total statewide sales for July was more than $657 million, the best result since the group started tracking monthly results in 2001.

Mr. Nell said it was the most successful July sales tally since 2003, when the monthly total was $513 million, and a 34 per cent improvement on the corresponding period in 2008.

He said it was an unusual to have such a strong sales total in July, as sellers traditionally hibernate during winter.
It was revealed that prestige property was a major factor in the result with sales in Sydney’s eastern suburbs and lower north shore contributing more than $150 million in sales for July.

Bankstown, Berala, Burwood, Campbelltown, Castle Hill, Croydon, Thornleigh and Toongabbie all achieved personal best months.

With such a large result in July does this mean that the property market in NSW will stay strong during the remainder of 2009. Only time will tell.

Source: http://www.lendingcentral.com/2009/08/19/ray-white-hits-record-high-in-nsw/

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