Everyone at Ray White has $4.87 billion reasons to smile as the network just posted it’s biggest month ever in our 117 year history. We finished spring with a huge bang. Sales volumes are up for the fourth month in a row, all our auction metrics strengthening further and average days on market are at their lowest levels in the past few years. Our powerhouse NSW network hit a massive PB with $1.56 billion in sales, while our SA network kicked a goal too with its PB of $184 million. The gains were widespread across Australia and New Zealand with impressive increases in most markets. The month of November is historically one of the highest turnover months of the year and this has continued in 2019.
Home affordability continues to rise on the back end of lowering interest rates and this has assisted investors and first home buyers coming into the market. The year 2019 will no doubt go down as one of the more testing years in our history. But it demonstrates the power of our geographic spread, our resilience and shows that the reward will follow if we remain patient and follow the processes.
Ray White NSW | ACT Joint CEO Jason Andrew said PBs came thick and fast last month, for both exchanges and settlements, in November 2019. Congratulations to those businesses that achieved this feat – Byron Bay, Lower North Shore, Prestige Palm Beach, TRG, Touma Group Redfern and also Upper North Shore. A new benchmark now represents the new high water mark to usurp moving forward.
There were 3068 auctions scheduled in November across Australia and New Zealand, which was 17% higher than November 2018. Based on a 93% response rate, our Auction Day Clearance Rate was 58.5% which was steady compared to October but 16% up on the same month last year. We had a staggering 69,209 people attended our auctions in November with the average crowd size slightly smaller this month at 36.4.
Auctions with zero bidding was 18.3%, which means we had action on more than 80% of our stock. A commercial property in Narellan Vale was the top auction sale for the month for $7.575M through Peter Vines, Joseph Assaf and Victor Sheu. Our members have booked 1851 auctions in December, some 10% lower than last December.
Loan Market also continued its lift in activity with another busy month, albeit just shy of its October record with $1.49 billion in applications, and $1.1 million in approvals which is a new record and $846 million in settlements.