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.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out