A MESSAGE FROM OUR MANAGING DIRECTOR
The market could not have been more consistent . We recorded $ 5.1 billion worth of sales in Australia in October 2022 , just as we did in September . The result , which was 26 per cent less than what we recorded in October 2021 , continued the trend we ’ ve reported for most of this year .
New South Wales and Victoria reported the biggest year-on-year declines in sales volumes of 35 per cent and 28 per cent respectively . Queensland continues to outperform these larger states , though its network still reported a 14 per cent decline on its 2021 figures . South Australia was approximately in line with last year . Western Australia was the only state to be up on last year - in fact , well up - with a 17 per cent jump .
Does this year-on-year fall in our sales figures point to a market in turmoil as the media headlines are so quick to proclaim ?
Mike DelPrete is a highly regarded real estate technology strategist based in the United States . He argued recently that comparisons of today ’ s United States real estate market to 2021 was a bit meaningless because 2021 was “ a strange aberration where everyone moved , house prices skyrocketed , and nearly every real estate business posted record revenues … 2021 is an outlier , not a benchmark .”
Could the same argument be applied to Australia ? Looking at our figures over the past three years , it probably can .
Cover photo - 46 Hutchinson Avenue , Mosman Park WA 6012 Vivien Yap | Ray White Dalkeith Claremont
Our October 2022 sales results , while well down on October 2021 , were well up on October 2020 and October 2019 , by 25 per cent and 35 per cent respectively . Even when we exclude the impact of average property price growth over this period by focussing on the number of sales , again we see that the number of sales has also increased over October 2019 levels .
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