WHITE PAPER – NOVEMBER 2017
November is traditionally one of our busiest months, and despite lots of commentators warning of doom and gloom, we welcomed some pretty remarkable results this November. With PBs in NSW and QLD, and strong results in all the other markets, the group recorded its third highest month of sales activity in its history, just shy of $4.5 billion in unconditional sales.
Broadly speaking, we experienced consistent listing numbers and slightly weaker, yet still strong, levels of buyer enquiry. The number of properties sold during the month was consistent with last year, yet the combined value of sales increased by four to five per cent in line with average price growth.
Perhaps the most interesting result in November was the bounce back of the New Zealand numbers. After a softer October, we recorded $739 million in sales, just shy of what was a very strong November 2016.
In NSW, the network produced a record $1.38 billion in sales, and our Sydney Blue CEO Jason Andrew credited the continued strong market conditions to underlying confidence in Sydney’s ongoing population growth, significant infrastructure spending and its developing status as a ‘world city’.
Our Queensland offices posted a record $933 million in sales, their best result ever as they eye the magical $1 billion mark. Once again our Victorian and Tasmanian networks combined came in higher too with $716 million in sales. Western Australia came in at $90 million, with a nice lift and South Australia produced $149 million.
Our Commercial Group came in at $273 million, benefiting by some significant Sydney development site and hotel sales. And the Rural network booked $138 million in sales and went on to sell more than 200 horses at the first ever stock horse sale in Dalby.
Our customer experience numbers reflected an increased engagement of the network with records numbers of responses and advocates. We received 2491 reviews from clients rating our service as a 10 or a 9 out of 10, an increase of 952 on last November. Our Net Promoter Score remains consistent at positive 84 for the past month. The team rolled out a new customer experience dashboard with a mobile-first design so agents can access customer feedback on the go.
This month we welcomed Vivien Yap and her team to the group. Vivien is one of the most celebrated and successful agents in Australia, and she has now fully rebranded her business to Ray White Dalkeith Claremont in Perth’s western suburbs.
The Ray White Lower North Shore team also announced its merger with well known and highly regarded Cammeray agency Ferguson Property, led by Justin Ferguson and his family. This merger represents an important step in our continued growth throughout the lower north shore of Sydney.
Also this month we welcomed Frank Petroulis and his sons Adrian and Anthony as they opened Ray White Land Sales Victoria.
And it was great to see one of our elites, Peter Gindy step into business ownership as he gets set to open Ray White Seddon in Melbourne’s inner west.
And during November Loan Market lodged $1.26 billion in loans, with $900 million in approvals granted, setting new records in both categories. Loan settlements were up 9 per cent year on year to $811 million. And November was full of activities with their national induction in Sydney which saw 20 new franchisees and five loan writers attend, their biggest group ever.
It’s been a huge year and I am sure you are all looking forward to a well earned break with your families.
On behalf of my family, I wish you all the best for the festive season and the new year. I look forward to seeing you all in the network in 2018 for what promises to be a very exciting year.
Thank you, I’m Dan White.