We come into the second 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 currently on offer continue to provide historically low borrowing costs and in-turn increase buyers purchasing power. Properties sold by auction in the last week achieved 4.2 registered bidders and three active bidders on average compared with 3.6 registered bidders and 2 active bidders, from the same period last year. In addition to this, a net 87.1 per cent of property taken to auction received active bidding - providing owners with the chance to make informed decisions based on real market activity.