White Paper – October
October represents the beginning of the annual real estate “season”. History shows that, whilst never being as good as a November or March, it is one of the genuine robust months in our calendar.
So our figure of $3.7 billion for October was respectable, even though it was seven per cent down on October in the previous year. We can’t blame prices for this reduced sales level, but attribute it to the reduced stock that has been on the market resulting in less opportunity for buyers than we’ve been experiencing over the last few years.
Of significant note was the personal best of our Victorian network who achieved in excess of $650 million of sales for the month. All our leading businesses in Victoria performed admirably with the welcome addition of Helen Yan, the leader of our new Balwyn operation, who has already achieved a remarkable level of success. Particularly pleasing was the performance of the new businesses to have joined our group this year. Our other markets were slightly behind last year.
Overall, our Commercial divisions performed well with a total sales result of $155 million. Of particular gratification was our commercial investment auctions for the month achieving more than $40 million in sales.
Our partners at Loan Market had an impressive month lodging more than $1.1 billion in loans and settling $705 million.
Changing attitudes by the banking system towards lending to foreign purchasers, as well as a tightening of loan eligibility for investment real estate product, had impact.
Our latest customer data shows continued strength with more than 1,300 clients rating us a 9 or 10 out of 10 from 1,600 surveys received. This is consistent with results of the previous month. Overall, our national Net Promoter Score climbed another point to positive 78.
What’s new at Ray White
Ray White has achieved national recognition as the inaugural winners of the REA Brand Campaign of the Year award. Our auction campaign, Raise More Hands – which saw our businesses across Australia hold more auctions than ever before – was named the most effective real estate brand campaign of 2016.
Ray White Double Bay was also honoured at the REA awards. Gavin Rubinstein took home the award for customer service and Craig Pontey was recognised in the project marketing space.
We paid tribute to a stellar year in real estate at our annual Elite conference. The highlight for many was the launch of our Chairman’s Club which represents the most prestigious operators in our Group. So thrilling to see 31 inaugural members inducted.