The Ray White Group saw a substantive lift in sales for the month of August in comparison to the August results 12 months ago. The total turnover for the Group was in excess of $355 million, with sales turnover being 29% up on this time 12 months ago. Other key performance indicators the Group measures include controlled listings Ray White members are appointed to. Last month it totalled 2,800 properties and this was 31% up on last month and corresponded also with the marketing that Ray White presented in the media, which was 67% up.
Current market conditions remain in favour of the seller however more properties are coming onto the market as Spring is now upon us. There has also been a noticeable drop in the days on market for properties that have been actively listed and this in turn has brought small price increases to many areas, with some of the more sought after locations in the major centres of New Zealand showing strong increases. The influence of lower interest rates and the borrowing capacity percentages increasing continues to give buyers confidence to purchase and we would see this reflecting in a great number of sales over the next quarter.
Carey Smith, Chief Executive Ray White New Zealand, said “The results were encouraging and it is pleasing to see prices being maintained with a higher turnover of property being balanced however by lower properties available in the market. During the past two weeks there has been a noticeable increase in stock and this will lift sales numbers.”
He said within Ray White the top offices in the network continue to increase their market share and also their volume of listings presented to the market. The top five offices for Ray White New Zealand in August were Ray White Ponsonby, Ray White City Apartments, Ray White Howick, Ray White Auckland Commercial and Metro in Christchurch.