Australasia’s largest real estate and property group, Ray White, has recorded its best ever February residential sales result in Victoria.

Ray White Victorian General Manager Marcus Williams said preliminary statewide sales figures for February totalled in excess of $350 million - a 58 per cent increase on sales for the corresponding month in 2009.

Mr Williams said the highly active residential market was expected to continue at least in the short term despite the Reserve Bank of Australia (RBA) this week raising official interest rates to 4.0 per cent.
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RP Data Ltd says improving consumer confidence is driving a rise in property sales deals, even though affordability remains low.

The listed property information provider also said that while it would not give any earnings guidance for 2009/10, it expected to gain market share as the economic recovery gathered pace.

“The company continues as a market leader and as such will be in a position to gain market share as the general market improves and real estate activity increases in line with the market,” chairman Ian Fraser told shareholders at the company’s annual general meeting on Tuesday.

Mr Fraser said RP Data saw several positive signs that market conditions are improving.
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