A month where there seemed to be more talk about the people and businesses within the industry, than about the performance of the market itself! We saw so much discussion around the future ownership and leadership structures of other agency groups – speculation on potential takeovers, mergers and alliances dominated industry media – all seeking to challenge our market leading position. Though no talk about Ray White on this topic. Being fourth-generation owned and led and committed as ever to our collective future, doesn’t leave much room for speculation.
Staying on the topic of family, this month, the Ray White Group is proud to be representing Australian family business on the world stage, with Brian White attending the prestigious EY World Entrepreneur Of The Year Forum in Monaco. Brian will be taking part in a ‘pre-kickoff summit’ alongside some of the world’s leading family business representatives and we are extremely proud that Ray White will be part of the annual EY Family Business book for 2016. We look forward to sharing this milestone with our members.
Looking to our results, May is a month always circled in the calendar as it has a history of setting trading records. Yet with an election called in Australia and consistent press commentary querying the health of the property market, expectations were more cautious than in past years.
Whilst our headline of $3.87billion was strong, it was 4 percent lower than last year, and largely held up by a very strong result in New Zealand of $849million. 12 of our New Zealand offices recorded personal best months resulting in a 26 percent lift in comparison to sales volume 12 months ago.
In Australia, our result was down 13 percent on last year, though Queensland did post an increase,with 14 offices posting personal bests for the month and some outstanding results from some emerging businesses. And even though Victoria and NSW figures are a little softer than last year, they still represent consistent numbers compared to April.
The falling sales volume in NSW and Victoria is driven by a lack of stock available for sale in many parts of these states. Whilst there are many factors that make now a great time to be selling – headline prices remaining strong, interest rates remain low, and little competing stock on the market – many vendors are preferring to wait. Could it be till after the election?
Our other key metric, our net promoter score (NPS) that measures customer satisfaction with our service, remained consistently strong at 79 in May.
Our partners at Loan Market came in with over $1.1 billion in lodgements and just shy of $700 million worth of settlements in May. Victoria and NSW were again the frontrunners with $227 and $206 million settled respectively.