Real estate group sets sales record

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Despite recent negative press surrounding the property market, one real estate has managed to post record residential sales.

Ray White recorded $886 million in residential sales in New South Wales in March 2010, the all-time best monthly figure for the state.

The result was 7.5 per cent higher than the previous record of $824 million, registered in March, 2007, and is the largest monthly figure since the global financial crisis.

The latest monthly result was also a 43 per cent improvement on residential sales in March, 2009.

Ray White NSW chief executive officer Stephen Nell said the market to date had been absorbing the movement up in official interest rates, which this week were raised to 4.25 per cent.

“Confidence in the market has been strong through most of the summer and NSW, particularly Sydney’s eastern suburbs and lower north shore, has been at the forefront of the activity throughout the country,” he said.

“While demand exceeds supply, this seems likely to continue through the early autumn months.

“NSW has the potential to continue on a high level of sales but historically there is a settling down period from the end of March until spring.”

Mr Nell said the recent population increase throughout the state would also be a factor in keeping sales consistent throughout the next quarter.

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