The Ray White Group in New Zealand reported slightly lower sales last month following the first increase in official interest rates in more than a year. 

Ray White New Zealand CEO Carey Smith said while there was a four per cent increase on the previous month’s sales, the results were down 10 per cent on the June, 2009, figures. The Reserve Bank of New Zealand last month lifted the official cash rate to 2.75 per cent and Mr Smith said rates were forecast to go up over the remainder of 2010. “Our overall sales turnover would indicate that given listings are increasing and actual sales numbers are decreasing, then days on market will lengthen as will the overall success rate of property coming onto the market,” he said.  

Mr Smith said Ray White’s top office for June was Botany Town Centre, in East Auckland, which completed $16 million in sales. He said the number two office was Ponsonby, closely followed by Manukau and Howick with Kohimarama office completing Ray White’s five top NZ businesses. 

Other offices to produce a good sales month in June included Whangarei in Northland as well as Remuera, Pinehill and Royal Oak in Auckland. 

“In the Central North Island, Hamilton City, Papamoa and Bayfair recorded outstanding results while the Lower North Island zone saw Palmerston North and Taranaki complete better than expected results,” Mr Smith said. 

“The Richmond office was the leading business in the Upper South Island, while Redcliffs, Lincoln and Rolleston all had a successful sales month in Canterbury.  Arrowtown led the Lower South Island, with another good result from Queenstown.”   

Other key indicators saw controlled listing lift by 5% to 1532 with media marketing also increasing by 3%. Online enquiry surpassed 12,500 this month which was a further increase on last month which was 11,900. There has been some decline noted in open home attendees.In summary Carey Smith said “that it is balanced market with indications that buyers are prepare to make offers on properties that are inline with market value”

Written by Ray White New Zealand

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