Cool market still has hot opportunities
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|Monday, 09 August 2010|
By: Staff Reporter
Making headlines today, The Australian Financial Review reported that business is still hot for some real estate agents, regardless of the latest property market cool down.
According to the paper, some agencies are receiving record commissions, with more than double the commissions paid in 2009.
Melbourne-based agency Jellis Craig has reportedly experienced a 22 per cent surge in property sales, with 1,444 sold in the past financial year.
According to Jellis Craig director Scott Patterson, the agency also experienced a surge in commissions, up 55 per cent from the year before, with commissions averaging at $20,000 per sale.
"May and June were very strong months for Melbourne real estate , very busy" Mr Patterson told AFR.
Similarly, the AFR reported that Ray White broke records in Victoria, with about $430 million worth of property sales in May.
Nationally, property prices had decelerated in May, with capital city media prices rising just 0.5 per cent (seasonally adjusted) over the month and falling on average by 0.2 per cent in Australia's outer suburbs, according to RP Data.