The Ray White Group results for February 2016 saw a slight increase in comparison to the sales value 12 months ago. Sales numbers were slightly down and this shows that increasing prices are still being maintained. While sales numbers ease off slightly in Auckland and Canterbury, we would consider this one of the most diverse markets where it is difficult to read the trends, with the average Ray White sale price across New Zealand increasing by 4.2% to $593,732. The sales numbers resulted in 1,051 sales, which gave a net released total turnover of just under $700 million. The total number of listings secured decreased to 1,560. The difference between the sales numbers and the listing numbers will show the total Group portfolio will increase for the third-month running
Carey Smith, Chief Executive of Ray White New Zealand, said “The dynamics of the February results show a mixed movement for buyers and sellers mainly based on geography. The Auckland and Canterbury markets have shown a slight decrease in sales volumes, while areas throughout the Coromandel, Bay of Plenty and Nelson have shown an increase by over 5%.”
The investor market is still adjusting to the LVR restrictions. Of particular note are the increasing rent levels being secured in the Auckland market. This will assist investors in coming back into the market, particularly when coupled with low-interest rates.
The top three business in New Zealand were Ray White Remuera, Ray White City Apartments and Ray White Metro. These businesses combined completed $97 million. The results for February saw four offices achieve personal best sales turnover from across the country and included Ray White Whangamata, Ray White Te Puke, Ray White Whitianga and Ray White Arrowtown.
Throughout the regional areas of New Zealand. In Northland, Ray White Whangarei featured as the leading office. In the Auckland region the top three businesses were Ray White Remuera, Ray White City Apartments and Ray White Ponsonby. The Central North Island featured an outstanding sales month from Ray White Hamilton, followed by a personal best result for Ray White Whangamata. Ray White Papamoa achieved a high volume of sales of at $9.9 million. Ray White Te Awamutu also had a successful month. In the Lower North Island region, Ray White Lower Hutt were the leading business, followed by another strong sales month by Ray White Wanganui. The Upper South Island featured Ray White Richmond completing $7.5 million. In the Canterbury region, Ray White Metro were the leading office, followed by Ray White Rolleston and Ray White Full Circle. The Lower South Island featured Ray White Invercargill, Ray White Dunedin and Ray White Wanaka. The top commercial office for Ray White New Zealand were the team from Ray White Tauranga Commercial.
The Ray White Group will open a new office in Devonport during March 2016.