One of Australia’s largest real estate chains, Ray White, revealed strong March sales, which according to them suggests the official cash rate of 4.25 per cent is at the right level.
Ray White group chairman Brian White said his network’s turnover for March – a traditionally strong month in property – was a positive sign for the broader market.
“Ray White Group’s March figures were a pleasant surprise, suggesting that the Reserve Bank of Australia’s decision to keep rates on hold was not imprudent,” Mr White said.
“The Group sees the March results as, perhaps, the key monthly indicator for the entire year.”
“It’s the final wrap up of Summer trading. Rarely will our figures come close to March until well into Spring. So the Group’s incomplete sales results of $2.4 billion gives confidence that the Australian market is assuming a new resilience.”
The sales results are spread across 700 Ray White offices across the country.
However, there are many commentators and experts in the industry including Aussie’s founder and executive chairman John Symond who believes the RBA is “out of touch” with small business owners and has urged them to cut at next months meeting.