Ray White sales up 20%

In a result indicative of the market absorbing recent interest rate rises, Australasian property and real estate group Ray White has jumped its residential and commercial sales by 20% for February 2010.

Ray White Chairman Brian White said preliminary figures showed the group in February achieved total sales of $2.3 billion, compared to $1.9 billion in the corresponding month in 2009.

"The market appears to be absorbing the interest rate rises we have had although we are not quite experiencing the sort of gains that we were achieving towards the end of 2009," he said. 

Victoria was Ray White's top performing state - up a staggering 58% on the same period last year. 

NSW continued to perform well - up 41%. The Australian states each grew by less than 10%. 

The New Zealand market was consistent with last year at a 4% increase.

"Interesting to note that signs of confidence are returning even though New Zealand did not enjoy anything like the stimulus package implemented in Australia," White said.

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Market can absorb rate rise - Real estate and property group, Ray White, says the residential housing market should be able to absorb the latest rise in official interest rates.