The Ray White New Zealand results for August 2016 saw a lift of 12% in comparison to sales 12 months ago. Sales also increased by 5% on last month’s results. This continues the trend of lifting results for the Ray White Group in New Zealand. The overall sales numbers resulted in 1,323 residential property sales at an average sale price of $589,459, which was an increase of 1% on the previous month. Total turnover saw residential sales volume total over $ 770 mil. The combined office results saw the company achieve five personal best office results; with a consistent turnover in Auckland and Canterbury, while the Central North Island and Lower North Island showed increases above 25% on the same time last year.
The total number of listings secured by our group members increased by 15% to 1,504 properties. This shows the difference between the sales number and the listing number of +181. This is the highest positive rise for 2016 and will give buyers confidence that there is more inventory stock to be able to choose from and this has increased the national inventory level by 5% to 12.9 weeks.
Carey Smith, Chief Executive of Ray White New Zealand, said “While the August 2016 results showed continued confidence from buyers and sellers, we are starting to see the impact of the loan to value ratio restrictions that will be introduced to balance these policy changes. There has been a reduction in the Official Cash Rate and given that there is a further indication that this may be reduced again, home affordability based on the Official Cash Interest Rate continues to improve.”
Auctions, while continuing to dominate the sales results, have seen a reduction in clearance rates to 77%.
The top three businesses in New Zealand were Ray White Remuera, who completed over $60 million in sales volume; Ray White City Apartments, who continue their strong sales position; and Ray White Manukau, who completed 57 sales for a personal best month.
In addition to this, August results saw five offices achieve personal best sales month, namely Ray White Whangarei, Ray White Russell, Ray White Lower Hutt, Ray White Balclutha and Ray White Manukau.
Throughout the regional areas – in Northland Ray White Whangarei featured as the top office. Ray White Kaitaia and Ray White Paihia both achieved a strong level of sales. Ray White Russell achieved a personal best result. In the Auckland region, Ray White Remuera were the leading business; Ray White City Apartments and Ray White Manukau had a very successful month. In the Central North Island, there was an overall strengthening in the market and this was led by Ray White Rotorua. Ray White Hamilton achieved an outstanding result, as did Ray White Papamoa. The Lower North Island also produced a 25% increase in sales numbers. Ray White Lower Hutt achieved a personal best volume. Ray White Wanganui and Ray White Palmerston North also showed an outstanding lift in sales numbers. The Upper South Island continues to show market strength, led by Ray White Richmond. On the West Coast, the market is gathering momentum and Ray White Westport achieved good numbers. In Canterbury, the leading office was Ray White Rolleston, with over 40 sales completed. Ray White Metro and Ray White Ferrymead achieved strong results. The Lower South Island saw Ray White Balclutha achieve a personal best. The leading office for the zone was Ray White Wanaka. Ray White Queenstown and Ray White Dunedin both recorded a successful month.
During the past month, Ray White has made several significant announcements. The first being the international recognition of Ray White Remuera, who were the number one office across the international Ray White network. Ray White City Apartments were acknowledged as the number two office internationally, and Ray White Ponsonby achieved number five internationally. Anton Huang from Ray White Howick was acknowledged individually as the number three international salesperson of the year.
Ray White Parnell opened last month, as did Ray White Devonport. This month in Christchurch, we welcome Ray White Bishopdale and new owners to our group, Barry and Karen Ellis.
The Ray White Group has announced a strengthened position in the Hawkes Bay, Wairarapa, Kapiti Coast, Hutt Valley and Wellington regions with the announcement of the Leaders Group joining Ray White progressively from October 2016.