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Investors driving real estate sales

Boosted by strong demand from investors, one of Australia’s biggest real estate groups, Ray White, has reported sales of residential property surged by 33% in June compared to the same month last year.

All states delivered double digit growth with Victoria rising by 23% according to Ray White chairman Sam White.

“The results showed increasing confidence in the real estate sector, with investors now choosing property over shares,” said Mr. White. “They’re also starting to see that property investment has a lower level of risk when you compare it with the volatile share market of today.”

Mr. White added that even though there was a small decline in the real estate market earlier this year, property on a national level performed quite well. He also predicted that investor activity would continue well into the latter half of 2009, particularly in the fringe areas within commuting distance of the major capital cities.