Ray White sales up 8pc

Australia's biggest real estate group Ray White recorded an 8 per cent gain in sales in May, as a property shortage keeps sales going at a brisk pace.

Sales during May totalled A$2.61 billion ($3.23 billion), 8 per cent higher than the same month a year earlier, Ray White said on Friday.

The group's Double Bay office in Sydney recorded an all-time group best result of A$123 million.

The sales gain came despite the six increases to the overnight cash rate between October and May to 4.5 per cent.

"Despite rates going up, there is still a shortage of properties on the market, particularly in NSW and Victoria and when demand exceeds supply that will always boost momentum for sales," Ray White joint chairman Brian White said.

NSW sales rose 16 per cent to a record A$840 million over a year earlier, while Victorian sales surged 54 per cent to A$433 million.

Sales in South Australia and the Northern Territory gained 15 per cent, Western Australia declined 1 per cent, Queensland sales fell 15 per cent and New Zealand's was 19 per cent lower.

- AAP