Sales of residential property by one of Australia's biggest real estate group, Ray White, surged by 33% in June over the same month last year boosted by strong demand from investors returning to the property market.
Ray White chairman Sam White said all states delivered double digit growth during June with New South Wales racking up the highest growth at more than 40% thanks to growing demand for high-end properties. Queensland recorded a 27% increase in sales, South Australia and Northern Territory saw a 25% rise, while Victoria and Western Australia were both up by 23%.
"The results showed increasing confidence in the real estate sector, with investors now choosing property over shares," said White. "They're also starting to see that property investment has a lower level of risk when you compare it with the volatile share market today. Despite a small decline in real estate market since early 2008, it is still actually performing quite well nationwide."
White added that investors' activity would continue over the second half of the year, particularly in fringe areas within commuting distance of the major capital cities.
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