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Ray White Rural achieves record year in sales

By Lyndsey Douglas

The Australian Financial Review 15 August 2017.

Ray White Rural scrapped in a record financial year with $1.4 billion in property sales, up $75 million on the previous year.

The 23-year-old rural division of the Ray White Group (which posted $44.7 billion in sales for 2016-17 financial year), also added more than 30 new franchises in the year to July.

Ray White Rural chief executive Stephen Nell said the challenge of drought in Queensland, where half of the agency’s offices are based, could have hurt sales results, but commodity prices kept buyer interest high.

“Our agents were able to capitalise on high commodity prices within the beef industry despite drought in Queensland. In southern Australia, the market has boomed on the back of very favourable seasonal conditions, low interest rates and surging commodity prices, particularly red meat – lamb, mutton and beef,” Mr Nell said.

Significant deals

During the financial year the agency participated in some major transactions including the $15 million purchase of Mount Isa property “Manners Creek”, the $13.9 million sale of “Inverness” and the $13.5 million sale of “Northampton Downs”, both at Blackall, and “Carmila Glen” in Carmila, Queensland, sold for $11.5 million.

In NSW, the major sale was Kiagathur North in Condobolin for more than $13 million while in Victoria, “Leighburn”, a 1200-hectare mixed farming operation near Geelong, sold for $9 million.

Ray White Rural signed on six new franchise agreements in Victoria, five in Queensland, three in Western Australia and one each in the Northern Territory and South Australia.

But it was NSW where the major expansion happened with 17 key markets including Wagga, Casino, Kempsey and Goulburn all securing new Ray White Rural franchises.

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