The 2023/24 financial year marked the first year of Ray White’s commercial business rebranding to RWC, and what a year it’s been. 

RWC made more than $5 billion in settled transactions in the 23/24 financial year, across more than 4500 sales, with results remaining fairly steady when compared to the same period last year. 

The real estate market is currently operating through a period of cautious optimism, despite broader economic instability. Several factors contribute to this sentiment and provide a strong basis for a progressive recovery from the contracted trading volumes the industry has seen over the last few months.

Experienced private capital sits at the forefront of this optimistic recovery and, as a result, we’re seeing RWC businesses that tend to play in the private space posting some amazing numbers, with milestone results for those businesses. The more time I spend in these businesses the more I’m seeing well capitalised private investors with good knowledge re-entering the market and wanting to capitalise on this cycle of the market.

It was a successful year for auctions across the RWC network. Auctions are the lifeblood of Ray White, with more than 120 years of being competition creators. RWC scheduled 456 auctions in the 2023/24 financial year, up 21.9 per cent year-on-year. Clearance rate and bidder numbers held steady when compared  to last year, with RWC recording a preliminary clearance rate of 60 per cent and an average of 5.2 registered bidders per auction.

Auctions continue to provide the best results for our sellers, with properties which sold under the hammer in the last 12 months receiving premiums an average of 26.7 per cent higher than the highest offer received prior to auction.  RWC’s first June Auction Showcase was a resounding success with more than 60 auctions scheduled for the month, up 103 per cent year-on-year. The June Auction Showcase recorded a clearance rate of 73.5 per cent, with an average of 5.1 registered bidders. 

The RWC network continues to grow, as the group welcomed RWC Adelaide, RWC Medical, RWC Retail, RWC Gateway, RWC Ballarat and RWC Central Coast all joining the group in the last 12 months. 

After the RBA announced another hold on interest rates this month, the commercial property market has begun to stabilise. While interest rates are not expected to be cut in Australia until 2025, interest rate cuts have begun globally with Switzerland and Sweden cutting their interest rates in recent months. This trend is set to see a renewed sense of confidence return to the market, and I expect the 2024/25 financial year will see transaction volumes increase across the commercial market

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