Australia's largest real estate group, Ray White, has reported record sales for the 2017 financial year. Strong performances in the Sydney, Melbourne, and Auckland markets were major contributors to the exceptional result, but the Gold Coast and regional NSW markets also performed well, and stability in mining town markets also helped.

The Ray White group recorded sales of $44.7 billion for the year, the group's biggest even year, and up four per cent on the previous year. The group's Australia and New Zealand market share improved slightly to 10.3 per cent during the year.

Ray White lists twice as many properties as the next largest real estate agency group, and remains the largest auction house in Australia and New Zealand with around 15 per cent of the market.

Brian White, group chairman of Ray White, said the Australian real estate market benefited during the year from the stabilisation of some markets that suffered in the slow down in the mining sector.

“One of the features of 2016-17 was the improved stability of many markets that had been so damaged in the post-mining boom, particularly in some parts of regional Australia," he said.

Brian said Ray White increased its market share during the year, and did not suffer from the much commented on tight stock levels.

White said Sydney, Melbourne and Auckland were the group's standout markets, as expected, but the Gold Coast and regional NSW markets also had good years.

“Obviously Sydney was a stand out market," he said, "but the same can be said for Melbourne and Auckland.

"The Gold Coast is also pumping. There has been some exceptional growth in that market over the last year which may surprise some people.

"And our network in regional New South Wales has had a great year too," he said.

Dan White, group director, Ray White, said each of the 1,000 businesses that make up the Ray White network are in unique markets, with each experiencing different conditions.

"While we are happy about our record trading result, what was most pleasing was the overall improvement in profitability for the majority of our individual business owners," he said. 

“The continued growth of the group enabled further significant investment in our group technology and customer service platforms," said Dan.

“Based on our 2016 financial year findings, our offices converted a 12 per cent increase in revenue to a 10 per cent increase in profit," he said.

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