Posts Tagged ‘new zealand real estate’

The real estate market continues to show improved signs for all sectors within property sales on the strength of the continued low Official Cash Rate of 2.5%, steady immigration numbers coming toNew Zealand linked with the recent election that saw the National Party return to government with an increased majority.

Prices have continued to firm, particularly across Auckland where the average sale price has lifted during the past two months and is now $475,000 which is a lift since the beginning of the year of just under 4%. The numbers of sales also across Auckland have remained consistent during the past three months to be just below 2,000 per month and we expect this trend to continue throughout the final months of 2011 and during the first quarter of 2012.  What has been of interest is the increasing amount of property that has been marketed by auction, which is at a record high of 26.4%. Across New Zealand the sales numbers have also remained just above 5,000 per month and the average sale price has increased from $340,000 at the beginning of 2011 to $359,000 in October 2011.

It is now forecast that the Official Cash Rate will remain at 2.5% at least until September 2012. This will continue to give confidence to first home buyers and investors and this in turn will keep the market remaining active in the second and third home buyer areas.

The recent capital valuations received by property owners throughout Auckland are a definite reflection of the continued activity that has occurred in certain areas of Auckland and also those properties within the $500,000 to $1 million price bracket.

The outlook for property prices over the next period remains strong; with lower days on market and an active buyer pool this should continue to drive sales across all markets.

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The Ray White Group has released its March White Paper written by Group Chairman, Brian White.  This monthly newsletter gives an insight into the current market conditions across New Zealand, Australia and Indonesia together with recent activity within the Group.  Please click here to read the latest White Paper.

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Ray White City Apartments have been the undisputed leader in the CBD residential field for three years.  They maintain a consistent market share of 25% to 30% in apartment sales and have just over 700 properties under management with Chas Wilson Rentals.

This week we are pleased to announce a significant merger which will further enhance the market share of Ray White City Apartments.  The long established agency of Roebucks has merged their sales division with Ray White City Apartments.  This will grow the overall sales team to 41 and increase the current listing portfolio of Ray White City Apartments.   Ray White City Apartments and Roebucks will continue to operate their property management businesses as they do today, with the only change in the property management being the branding.

The current premises of Roebucks will continue to be utilised by both companies, however it will be re-branded in the Ray White livery.

Principal Officer of Roebucks, Brad Roebuck, said “The merger of our sales division with Ray White will ensure that the market share that Roebucks had successfully built up over the past three years is enhanced.”  He went on to say that “Roebucks have a strong integrated business and with that we have built have a database which when applied to the Ray White systems will maximise its outcome.  The property management of Roebucks will remain as an independent business providing the same personalised service but we will have the border reach of Ray White for our property management business.”

Phil Horrobin, co-owner of Ray White City Apartments, said that the merger was fantastic news. “We have strived to position our business as a market leader in the area of city apartments and having the Roebucks team join, along with a number of other successful salespeople who have recently joined, will give us that lift in market share and ultimately provide a stronger presence in the area of city apartments. The new Britomart based office will allow a further 12 salespeople to become part of our team and that will give us over 40 salespeople together with a strong property management base.”

Carey Smith, New Zealand Chief Executive of Ray White, said that Ray White has always had a strong presence in city apartments.   “The merger with Roebucks is significant and will allow further growth to take place in the sales area while giving property management a boost with the presence of the Roebucks portfolio.  Ray White City Apartments is one of the top offices for Ray White in sales and this growth will see them move to the top office in their core trade area.”

For further information in regards to the merger please contact Phil Horrobin on 021 924 300 or through their website www.rwcityapartments.co.nz

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As part of the 4th NZ Herald Property Report to be published on the 7th of March 2011 – Ray White has developed real time market reports through every area of New Zealand. To request your real time Market Review please email kashkettle@raywhite.com.

Please see sample report of the inner western suburbs of Auckland

Please see the add that Ray White place in the Property Report

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The first quarter reflected this confidence with 14,500 sales.  Our group market share hit a new high and this set a platform for what we felt was going to be a year that saw the industry return to better times.  In April the Government started to mute on the basis of changes to LAQCs and also personal taxation advantages.  Their dissertation behind this was to make property less friendly and steer people towards personal saving with the benefit of tax deductions and a higher awareness of Kiwi Saver. In the midst of all this came two interest rate increases.  These were minor but enough to move property into an unfriendly position and to again be questioned as to its value from an investor point of view. 

The second quarter plummeted. Sales were almost 30% down on the previous year and close to mirroring the numbers of 2008.  Our group was acclimatised to these conditions, but you got the feeling this was going to set in for some period of time.  In June we had our third interest rate rise which was enough to send the signal to the market that property sales were going to go into hibernation.  Most in the industry understand that to have buyers you need to have sellers.  Sellers come to the market when there is confidence that they can market their property to receive a satisfactory return on the price that they may have originally paid.   The lack of confidence from sellers then began to domino towards the buying market. 

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The New Zealand Ray White Group for the month of October 2010 saw turnover reduce by 23% on the previous year, with trading at approximately $300 million. Other key indicators saw controlled listing stock up by 13% and auctions increase by 5%; days on market extended to 41 and the current numbers of property on the market increased by 4% to just over 14,500.

Throughout the regions – the Northland zone had a quieter month, with turnover down by half.  Year to date in the Northland area listing stock is up by 8% but turnover is down 15%.  A small decrease in the Auckland region of 7% in comparison to 2009; listing stock was down by 30% and year to date overall turnover is down by 13%.   The Central and Lower North Island had identical numbers, with turnover being down 45% on last year. The controlled stock is 1% up in both areas while auction numbers are down by 5%.  There were mixed results throughout the South Island. The Upper South region recorded a small decrease of 6% in trading however their listing stock was up substantially, almost doubling the numbers that were listed at the same time last year. In Canterbury numbers continued to be affected by the earthquake, with results being down 40% and listing stock reduced by 24%. The Southland region had an increase of over 50% and their controlled listings also increased by 19%.  Across the nation we have 134 offices with 1,282 salespeople.

New offices during the month of October included Ashburton and Methven and in Canterbury Christchurch City Living.

The Ray White Group expects to open its 135th office in Stonefields which is located in the inner-east of Auckland.

We are pleased to announce the cover for our upcoming lift out of the NZ Herald on Sunday edition to be published on Sunday 1st August 2010.

The cover is taken of Mount Ruapehu in the North Island. Please click here to view the cover.

 The Ray White Group in New Zealand recorded a 50 per cent increase in property sales during October, 2009, compared to the same period last year.

 Ray White New Zealand CEO Carey Smith said all regions also reported a record number of listings and a 37 per cent increase in turnover for the year to date.

 Mr Smith said the Auckland market had the greatest rise for the month of 55 per cent, with total sales in excess of $205 million.

 ”The top five Ray White offices for last month nationwide were Ponsonby, Manukau, City Apartments, Remuera and Kingsland,” Mr Smith said.

 ”These offices combined to complete $65 million in turnover.  Other standout offices included Mangawhai, Papamoa, Palmerston North, Richmond, Merivale and Arrowtown, which all had record results for the month.”

 Mr Smith said Ray White also had a significant boost in turnover on the upper South Island.

 ”Ray White has five offices in this area and their turnover surged to $20 million,” he said.

 The Ray White Group trades through 131 offices in New Zealand and turns over approximately $5.3 billion in property sales per annum.

 ENDS

 Further inquiries:

Carey Smith

Ray White New Zealand CEO

Ph: 64 9 377 5069

 About Ray White

Ray White is the largest real estate and property group in Australasia. The company, established in 1902 at Crows Nest in Queensland, has almost 1,000 individual offices spread across Australia, New Zealand, Indonesia, China, Thailand and the United Arab Emirates, more than 8,000 staff, annual sales turnover in excess of $30 billion and manages more than 200,000 rental properties.

With the market showing some strong signs of recovery, Ray White Royal Oak owners Martin Honey and Rohan Thompson have embarked on a recruitment drive that has had some remarkable results. Over the past 3 months the duo has attracted 9 salespeople to join their already successful team.

The Royal Oak office joined Ray White in February this year and is located in the heart of the Royal Oak Mall.  Martin and Rohan attribute their recruitment success to several factors.  Firstly, they provide a modern and stylish office for their team to feel proud of; and secondly, Martin feels very strongly about training his team and spends a lot of time with all new salespeople teaching them the finer details of real estate. These two factors combined have proven to be a winning formula. In addition to this they are now committed to holding a recruitment night every month to showcase the power of the Ray White brand and what the Royal Oak office can provide to new people joining them.

John Halstead and Peter Best, the owners of the Ray White Kohimarama office, have recently re-branded their business to the latest Ray White livery.

In talking with Peter Best, he has been running the agency from that location for the last 18 years.  It is the only real estate office in Kohimarama and is located on the beachfront next to the cafe and residential areas.  Over the years there has been a number of real estate agencies start only to fold.  Peter has maintained a consistent Ray White profile in the area and ensures that the business has all the latest Ray White material.  Peter said going through the re-branding exercise gives his business a definite lift.  “When the office and our material that we hand out to the vendors sit together with media we have much better recognition in the marketplace. I am pleased with our clean look as it is in keeping with the area and the branding that we profile into the marketplace.”