ENDLESS SUMMER
SUMMARY
• Never been a better time to sell .
• Healing process in the broader economy continues .
Our overall listing numbers remain very similar to last year , and in fact are down 11 per cent on 2018 . So these record results are because a greater percentage of listings are being sold . In short , buyer competition is driving these records . We have been highlighting record levels of buyer activity since May . All our buyer metrics remain impressive - loan pre-approvals , online enquiries , auction bidders , and so on . These metrics give us confidence that the current momentum should endure well into 2021 , because so many potential buyers will finish 2020 with unfulfilled ambitions , and the expectations around interest rates and availability of credit remain very positive .
The healing process in the broader economy continues . Businesses are more confident , matching similar improvements in consumer sentiment . And both the current readings of business confidence and conditions are above longer-term averages . So with the Australian economy firmly in recovery mode , we just need to keep a focus on jobs to see whether the recovery is generating the sort of growth that authorities are looking for . Super-low interest rates and an improving job market have underpinned this recovery which will tick along in 2021 . We believe this will be a strong summer for all our sellers and buyers , With the international border still shut and all Australians holidaying at home this year , this will be a summer to remember .
Despite a short-lived contraction in May , Ray White ’ s market share continued to grow and reached 12.3 per cent for value and 12.4 per cent for volume . We have grown our market share by 15 per cent in five years . We are driven by the relentless pursuit of helping our members to thrive . Real estate is a people business and it ’ s like a ‘ contact ’ sport and our agents have to get in contact with as many buyers as possible - using the best digital leads , IT , marketing collateral , media relations and database management . We build all our own digital products for our network , by our network and they are constantly optimised .
Ray White is the only agency group which has real time sales , listing , appraisal , auction , online enquiry and performance data . As we look back at our results for the year , the number of new listings finished down two per cent on last year and 11 per cent on the year prior . The volumes of sales increased by 6.4 per cent with just under 50,000 sellers successfully transacting their properties since January . Our auction day clearance rate last week peaked at 74 per cent on Saturday was 15 per cent better than this time last year . There were an average of 5.2 registered bidders across our auctions last week , and 3.5 average active bidders . The disparity between the volume of stock coming onto the market and the volume of buyer demand continues to tilt the conditions in the favour of our sellers .
This year we produced 31 weekly volumes of Ray White Now . The document is produced in conjunction with real-time data from our 734 offices across Australia . Last month Ray White completed $ 6.68 billion in sales , made up of 8,000 property transactions across our network . We currently manage a portfolio of 200,000 properties for our landlords through our property management division . We have local area experts across the country and we welcome your enquiry to assist with your real estate needs . We pass this information onto Australian and New Zealand property owners and buyers in Ray White Now each week . A first for the industry .
We ’ ll be back in mid-January with the next monthly edition of Ray White Now . Best wishes to everyone for a safe , happy Christmas and a prosperous 2021 .
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The information is general information only , not financial advice , and does not take into account your individual objectives , financial situation or needs .