We come to the first week of August with the knowledge that the sales numbers for July have been at record levels for our company. The momentum keeps building, and this has resulted in our company achieving $1.281 billion worth of sales which is a record result for the Ray White group in New Zealand.
As written in the opening letter most market commentators have now revised their previous negative predictions that there would be a downturn in residential property prices and have acknowledged on a number of levels that all of the data is pointing to continued stability and in many of the markets a heightened level of activity.
The highly competitive mortgage rates that are currently on offer continue to provide historically low borrowing costs and in-turn raising buyers purchasing power. Properties sold by auction in the last week achieved 4.1 registered bidders on average compared with 2.8 registered bidders from the same period last year. In addition to this, a net 89 per cent of property taken to auction received active bidding - providing owners with the chance to make informed decisions based on real market activity.
