Ray White New Zealand achieved property sales in excess of $550 million in the month of March 2014. These results were 20% ahead of March 2013 and in comparison to last month sales were up by $220 million which equates to 38%.
Carey Smith, Chief Executive of Ray White New Zealand, said that the month of March “has seen an increased level of properties being submitted to the market and this has been received positively as buyers continue to show confidence particularly throughout Auckland and Christchurch. The recent announcement by the Reserve Bank in regards to the small lift in the Official Cash Rate has not dampened the enthusiasm from buyers and the more recent indications that the LVR policy may be withdrawn as interest rates rise will allow for first home buyers to re-enter the market, which will stimulate the lower priced properties which is the only area that is showing a lack of activity.” The average sale price for Ray White during March rose by 1% to $523,000 and this was 8% higher than the same time last year. The number of new listings has, for the first time in 12 months, increased by more than 9% with the company securing over 1,400 controlled appointments during March.
The top five offices in the Group were led by a record result from Ray White Remuera, who completed sales in excess of $53 million. Business owner Megan Jaffe said that the surge in new listing appointments and the confidence of the local market continued to see a lift in sales. Ray White Ponsonby were the number two office. Ray White Royal Oak also secured a high level of sales. Ray White Wanaka completed a record result of close to $14 million in sales, with Ray White Metro in Christchurch also being in the top five businesses throughout New Zealand.
The Auckland region completed more than $350 million in sales, with Ray White Remuera being the top office. Ray White Ponsonby, Ray White Royal Oak, Ray White City Apartments and Ray White Kohimarama all contributed successful sales months on behalf of Ray White.
In Canterbury, Ray White Metro, Ray White Full Circle and Ray White Lincoln individually all achieved over $11 million in turnover in a month that saw the Canterbury region again lift its volume of sales.
In the Lower South Island Ray White Wanaka achieved record sales of $13.6 million. Ray White Queenstown had another successful month with over $8 million in sales. Ray White Dunedin also had a good sales month.