The July 2011 results for the Ray White Group reflected an increase in trading over the similar period last year; however was slightly down on the results from last month. The Group’s controlled listings were down almost 25% which is reflective of the shorter days on market and prices holding throughout the majority of New Zealand.
The top office for the month was Ray White Auckland Central Commercial, completing sales in excess of $16 million. The Ray White Remuera office was number two. Ray White Metro in Christchurch completed sales of $8.5 million, while Ray White Ponsonby and Ray White City Apartments also had a strong month with sales over $8 million.
Carey Smith, Chief Executive of Ray White said that the results reflected the lack of new listings which are being presented to the market. “When you look closer at the numbers, Auckland continues to show increases on last year’s turnover however there are far less properties being listed for sale. This will inevitably put pressure on prices and will also provide more buyer competition for each property actively marketed. Also of interest is the Canterbury market where sales were at the same level as the same time last year. There are a lot less properties coming to the market in this area but the take up of stock and the reduction in the total properties available has been considerable. Across New Zealand our results were similar to that of 2010 and while listing stock remains the driver to many key indicators, there are certainly a good number of properties turning over in the current market. The other variables that we see going forward include the upcoming interest rate announcement in September and the activity that will result from the Rugby World Cup.”
The Ray White Group has offices across the country and lists on average 21,000 properties per annum. The Group is also the leading facilitator of property management in New Zealand with 14,600 properties managed for landlords.