Archive for the ‘real estate comments’ Category
The Reserve Bank has increased the Official Cash Rate by 25 basis points to 3 per cent this morning. This is now the second rise in the OCR in two months – from 2.75 to 3 per cent – with analysts warning home owners to brace for further rises.
This morning we talked to Bruce Patten, a Register Financial Adviser for LoanMarket New Zealand, about how the changes may affect those looking to purchase. Mr Patten tells us that “most increases have already been factored in to the current fixed rates, so we don’t expect too much of an increase in the rates from this increase apart from the floating rates, so this shouldn’t affect those looking to purchase too much… The average mortgage should only rise by around $20 per week based on the new figures released today”. The rise eventually would bring floating mortgage rates from multi-decade record lows up to around 7.5 to 7.75 per cent – where they have been sitting at just under 6%
New Zealand’s economic expansion, with GDP estimated to have grown by 3.5 percent in the year to March are said to have led to the increase in the OCR. Reserve Bank governor Graeme Wheeler commented to the media this morning that “The speed and extent to which the OCR will be raised will depend on economic data and our continuing assessment of emerging inflationary pressures, including the extent to which the high exchange rate leads to lower inflationary pressure,” he said. “We can expect two more increases in the OCR between now and July and then most likely a pause before the election.” When asked about the economic forecast for home owners, Mr Patten comments that his recommendations for would-be home owners on a $500,000 mortgage would be (depending on their financial circumstances) to fix a majority of their lending for a 3 year period – which many people are doing – “to help get them through the next rate cycle which we expect to be in place for at least that long.”
Some information sourced from: NZ Herald
Ray White New Zealand is on the cusp of launching our National Conference and Awards and our National Marketing Statement for March. This year is particularly important in respect of the company and it’s Foundation Members. Ray White became involved in the New Zealand real estate industry in 1993 and as we move into our 21st year of trading we will be recognising our Foundation Members who have played such a loyal and important role in the sustainability of our company. We involve all our services with a property management day, we have our Elite & Premier members together, and CEO Cup lunch and we also have our national conference day with our business suppliers and the national awards evening.
This year is our best ever line up of presenters. Sir Graham Henry together with Tom Panos, Cam Colkoen and Paul Henry are our main keynote speakers. Last week Carey Smith got to spend time with Sir Graham Henry and recorded a short eight minute video with him that we think most people will find interesting. Carey talks to Sir Graham about his career path, also some of the idiosyncrasies of coaching, some questions that are real estate based and Carey pretending to be the All Blacks captain (if only for a moment) and what would be Sir Graham’s message to Carey just before I run out onto the field.
Ray White New Zealand achieved property sales just in excess of $300 million in the month of January 2014. These sales results were 2% ahead of January 2013. In comparison to last month’s sales they were 50% less.
Carey Smith, Chief Executive of Ray White New Zealand, said “The continuation of property sales for the month of January was seen to be consistent given that it was a short month property sales were similar to that this time last year and for many offices, particularly in the Christchurch region, this meant a good start to the sales year. The recent announcement by the Reserve Bank in regards to changes in interest rates due next month could be one of the reasons why there was a considerable lift in property listings during January. It is perceived that while the interest rates may increase, there is still consistent price increases and sellers remain confident of achieving premium results.”
The average selling price for Ray White during January rose by 4% to $521,000 and this was 7% higher than the same time last year. The number of new listings, for the first time in three months, increased by more than 5% with the company securing over 800 controlled appointments during January.
The top five offices in the Group were led by Ray White City Apartments, who completed a record January sales month with $25.5 million. Ray White Metro were the leading Christchurch office with over $11 million in sales. Ray White Unlimited, Ray White Dunedin and Ray White Rolleston all had strong increases on last year’s results to each report record months for January.
The Auckland region completed just over half the Ray White Group sales, with Ray White City Apartments being the number one office throughout Auckland. Ray White Te Atatu completed strong sales to be number two, with the Ray White Broadway office being the number three business in the region.
The Upper South Island saw Ray White Richmond complete $6 million in sales.
The top three offices in Canterbury featured in the top national offices, being Ray White Metro, Ray White Unlimited and Ray White Rolleston.
In 2013 the Ray White Group completed its most successful year in property sales totalling $6.911 billion and over 15,300 property sales through the 135 office network.
Ray White New Zealand is pleased to acknowledge a further agreement with Ray White Royal Oak (Pure Realty Limited).
In 2009 Pure Realty joined the Ray White Group trading through their office at Royal Oak. Today Pure Realty has three offices including Ray White Mt Albert, Ray White Kelston and Ray White Royal Oak and are in the process of opening their fourth office at One Tree Hill.
Martin Honey, Director of Pure Realty, said that the journey with Ray White has been very pleasing. “Since we changed brands our company has grown substantially and we have been able to attract many of the leading salespeople in the industry with first class technology and systems within our company. The growth of Ray White through Auckland has assisted us in the growth of our business and we are looking forward to our team continuing with their success.”
Co-director, Rohan Thompson, said “Ray White has proven to be an outstanding business platform for top salespeople. The systems that the Ray White Group has is a complete offering at all levels of our business and while the individual skill of our team members remains the key reason to our success, being able to underpin the Ray White Group’s systems has given us a distinctive edge in our marketplace.”
The Ray White Royal Oak office of Pure Realty Limited has been recognised as a top 10 business since joining Ray White and the Pure Realty Group also has a large number of Elite and Premier members.
The Ray White One Tree Hill office is expected to open in mid March and enable further market share gains in that particular area.
Carey Smith, Chief Executive of Ray White New Zealand, said that the Pure Realty Group has been outstanding for Ray White. After initially joining the company five years ago, they have successfully grown their business model to be one of the leading groups of Ray White. During the last 12 months Pure Realty has sold in excess of $250 million worth of real estate and that is expected to grow over the next 12 months. The commitment of Martin Honey and Rohan Thompson together with the management team, is totally directed to the success of their team members and that is reflected in the growth of their sales and property management divisions.”
For further information on the Pure Realty Group please see their website
The three largest offices in the Ray White Group, being Ray White City Apartments, Ray White Ponsonby and Ray White Remuera, together with their branch offices, this year continued to market property through the inaugural Christmas/New Year editions of Herald Homes. This was the first time the New Zealand Herald has run a Homes section over the Christmas/New Year period, which was fully supported by our top Ray White business in Auckland.
Megan Jaffe, Principal of Ray White Remuera and Ray White Orakei said “Our business today is very much focused on our clients and they have an expectation that we will continue to be positively marketing property all year round. In our business plan for 2013 we focused on achieving increased levels of sales turnover for the year and this included us continuing to market property right throughout the 2013/2014 holiday season.”
Simon Damerell from the Damerell Earwaker Group with Ray White offices in Ponsonby, Grey Lynn and Pt Chevalier, said that the marketing campaign had an overwhelming positive response. “Last week we held over 20 open homes and we had large numbers of buyers through our properties and this has allowed us and clients to achieve our highest ever result in December together with a good number of offers in the first weeks of January, which would not normally be achieved.”
Phil Horrobin from the City Realty Group with Ray White offices in the City and Broadway, said that his salespeople in particular appreciated the opportunity to be able to use the New Zealand Herald to continue marketing campaigns throughout December and January. He said “Our business is a 12 month business and it is important to know that today clients expectations to be able to make contact with us at all times is part of the reason why our team has had such success over the holiday period.”
Graeme Fraser, Auckland Business Performance Manager for Ray White, said that the marketing, in collaboration with the New Zealand Herald, was a resounding success. “It has allowed our top businesses and salespeople to continue with their marketing campaigns. This will now become part of our annual strategy to ensure that we are seen as a business the operates on the basis of our clients and continues to achieve the best outcomes.”
Ray White New Zealand achieved property sales in excess of $600 million in the month of December 2013 which is the largest ever December result for the Company.
December 2013 results are 34% ahead of December 2012 and 18% ahead of last month’s sales.
Carey Smith, Chief Executive of Ray White, said that there continued to be strong demand right up until the Christmas period this year and the concentration of sales was still evident in Auckland and Christchurch were the company achieved record sales volumes.
The recent introduction of the LVR changes put into place by the Reserve Bank have had minor impact on the ability of first home buyers to purchase property and this has mainly been seen in the markets where first home buyers are seeking property. There has been a further lift in the average sale price which has lifted to above $500,000 and this is a 6% rise for December. Overall there was an increase of controlled stock by 1% on last December’s total listings with the Company securing over 1,100 controlled appointments this December.
The top five offices produced a record result, collectively completing $215 million in released sales averaging over $40 million. These offices included Ray White Auckland Commercial, Ray White City Apartments, Ray White Howick, Ray White Ponsonby, and Ray White Remuera. The Northland zone continues to show year on year increases with the growth of the Ray White Group throughout the region with Ray White Warkworth completing $7.7 million in sales and also a strong month was had by Ray White Whangarei with $6.3 million in sales.
In Auckland, outside of the top five businesses, Ray White Broadway, Ray White Kohimarama, Ray White Pinehill, and Ray White Mission Bay all completed over $12 million in sales. The central North Island saw Ray White Hamilton secure over $10 million in released sales with Ray White Te Awamutu and Ray White Papamoa having good months. The lower North Island was lead by Ray White Whanganui with Ray White Palmerston North also having good sales above $4.5 million. The upper South Island saw Ray White Richmond complete $11.6 million in sales. The top office in Canterbury was Ray White Metro. Ray White Rolleston and Ray White Full Circle also completing good sales for the month. The lower South Island saw Queenstown complete over $12 million in sales with Ray White Dunedin and Ray White Wanaka both having well above average months.
The Ray White Group in New Zealand has completed its most successful year with property sales totalling $6.911 billion during 2013. In addition to this the Group has opened 16 new offices, increased marketshare and has been appointed to record numbers of property listings through the 135 office network.
The Ray White Group in New Zealand has increased the number of high performers in the company for 2013 acknowledging the highest ever number of Elite status members, with over 50 already achieving this outstanding sales level in 2013. The Elite status is recognised, both nationally and internationally, through the Ray White Group as the highest achievement of sales performance in the company. Elite members have been much of the driving force for the success of Ray White New Zealand since the Elite status inception in 2000. The status recognition has doubled in the past five years, with high performance members recognised right across the country.
This week Elite members were welcomed to the home of Carey (CEO) and Taryn Smith at their annual networking evening to celebrate the results that have been achieved in 2013. During the evening members were able to share their achievements.
Julie Ryan, who is the key facilitator of the Elite members, said that 2013 had seen many of the Ray White top performing salespeople achieve new levels. She said this has brought about more discussion in respect of reaching capacity, growing individual businesses and aligning this with the New Zealand Strategy.
Carey Smith, during the evening, spoke of the pride that he has in the Elite members and their ability to spearhead the company in the area of sales. He particularly recognised new members to the Elite status and in doing so, also acknowledged the loyalty and commitment that many of the Elite sales performers have with the company.
Ray White will celebrate its annual awards in March 2014, where Elite members will again come together for the annual Elite & Premier recognition evening.
To see more photos of the evening please CLICK HERE
Kawarau River Station near Queenstown is on the market for only the second time in its history. The high-country station at the foot of The Remarkables mountain range has 14 kilometres of riverfront land.
Real estate agent Bas Smith, of Ray White Queenstown, said the station spanned 1826 hectares and its sale offered a rare opportunity. ”The west end of the property is located across the river from Remarkables Park town centre and the farm encompasses the majority of the northern slopes of The Remarkables.
“It’s entirely north-facing ensuring year-round solar advantage. This, accompanied by the huge water resource, makes for a very attractive proposition. It really is one of the last blocks of land of this nature available so close to Queenstown.”
The station’s history stretches back to the settler era when it was used as the main route to Queenstown. It has legal vehicle access and an internal road, although access through the farm remains at the discretion of the owner. Historically known as Cone Peak Station, the property boasts an array of natural features, including Rastus Burn and Owens Creek. ”Kawarau River Station is a profitable working farm with well fenced flats and river terraces grazing cattle and a red deer stud. ”It has the potential to return to farming 2000-plus merino sheep once the current breathing period for the high country to regenerate is complete.”
The station has a three-bedroom farm manager’s house near Gibbston, a woolshed, deer and cattle yards and hay shed. The historical Morven Ferry Hotel, the base for many a weary traveller, was also on the property.
The Ray White Group in New Zealand is pleased to report that sales for the month of October 2013 increased by 18% in comparison to October 2012. The completed sales numbers saw the company in total transact over $500 million in released sales at an average sale price of $489,233 with 1303 numbers of sales (including conjunction sales).
The Auckland market lifted considerably in volume to see a 15% increase to $345 million in sales, with the top three offices reporting record sales. The Northland region also showed an increase of 12%, with Ray White Whangarei reporting a personal best result of over $10 million in sales. The Central and Lower North Island remained consistent, while the Upper South Island and Christchurch showed sales increases of 15%, with the Lower South Island increasing total turnover by 16%.
The top five offices across the country was led by Ray White Remuera who completed $27 million in sales and were appointed to 25 auctions and a total of 45 controlled listings during the month. Ray White City Apartments, who were appointed to 66 new listings for October, completed 80 released sales. Ray White Ponsonby had another outstanding month with just on $22 million in sales. Both Ray White Howick and Ray White Royal Oak completed an excellent month with sales close to $20 million in total turnover.
The Lower South Island saw Ray White Dunedin complete over $9 million to lead the zone. Ray White Wanaka and Ray White Invercargill together with Ray White Oamaru had very good sales months. The Christchurch area saw Ray White Metro as the number one sales office in the zone. Ray White Rolleston completed $17.5 million in property sales, with Ray White Ashburton recording a personal best result of $6.2 million. The Upper South Island saw Ray White Richmond completing $9.5 million in property sales. Ray White Nelson and Ray White Greymouth also had a good sales month.
In the Lower North Island, Ray White Wanganui was the leading Ray White business, with Ray White Palmerston North and Ray White Lower Hutt both making sales of $4.5 million. Ray White Hamilton, who featured in the top 10 Ray White offices, completed $11 million in sales. Ray White Papamoa, Ray White Rotorua and Ray White Te Awamutu all sold above $5 million in released sales.
The Northland market saw the Ray White Whangarei office feature in the top 10 with $10.7 million in sales. The Ray White Mangawhai and Ray White Paihia offices both registered $2.5 million in property sales.
Ray White Auckland Commercial was the leading sales office for commercial property, with $11.5 million in commercial sales.
The total listings available through Ray White at the end of October were made up of 6,992 residential properties, just over 1,500 commercial properties, with rural and lifestyle listings being 1,150. In total, the Group has just under 9,700 properties available. The group recorded a significant rise in new property appointments for October. The total unconditional sales through the 135 Ray White offices was 1,303 with an average sale price of $489,233, which was an increase of 3% on last month’s sale price and an 8% lift on the average sale price 12 months ago. The average days on market calculated during the month of October based on the unconditional sales date was 39 and that included all property sales. The average days on market for the Auckland area totalled 29. Both calculations for days on market have reduced by two days.
The overall observations from the property sales in October saw an increase in sales occur between $450,000 and $850,000. This gave an effect of property sales being more geographically spread across New Zealand and this was also the case in Canterbury and Auckland. The South West corridor of Canterbury saw a notable increase in property sales, while the South Eastern corridor in Auckland was where there was an increase in property sales activity.
Ray White conducts property sales through 135 locally based community offices, with 125 offices providing full property agency services, with ten offices offering specific services relating to property management or commercial property.
During October the group welcomed 2 additional offices in Auckland being Kelston and Millwater.