The Ray White Group results for June 2016 saw a 21% lift in comparison to sales 12 months ago. This is the sixth month in a row that the Ray White Group has increased turnover on 2015. In comparison to last month’s results, the overall trading volume was down 3%. The overall sales numbers resulted in 1,468 residential property sales, which gave a total net released turnover of $848 million. The result saw the company achieve eight individual personal bests and a record turnover in the Lower South Island.
The total number of listings by our group members decreased by 14% to 1,280 controlled listings. This shows the difference between the sales numbers and the listing numbers to be -148. This is the first month that there has been a sharp decline in the number of listings secured. The average sale price increased by 1% to $628,943. The Ray White inventory level on a national basis has reduced to 9.9 weeks, which is the lowest on record. Given there is a reduced stock level, the market is expected to continue to have price increases given that the sales numbers remain high.
Carey Smith, Chief Executive of Ray White New Zealand, said that while the June results showed continued confidence of buyers and sellers throughout most of New Zealand, there may be some change given the financial changes that have occurred across our markets with the Brexit decision. It is unknown how this will play out for the New Zealand market and what affect it will have on interest rates.
Auctions continue to dominate the sales results with a clearance rate of 81%, which continues to remain steady. The volume for our Lower South Island was a group record, with the Auckland area also having the second strongest sales month on record.
The top three businesses in New Zealand were Ray White City Apartments, who completed 160 sales; Ray White Remuera, who continue their strong sales position, and Ray White Howick who completed $42.5 million in volume for a personal best month.
In addition to this, the June results saw eight offices achieving personal best sales, namely; Ray White City Apartments, Ray White Browns Bay, Ray White Wanaka, Ray White Cromwell, Ray White Rangiora, Ray White Bream Bay, Ray White Paihia, and Ray White Takapuna.
Throughout the regional areas; in Northland Ray White Whangarei featured as the top office. Ray White Paihia completed a record month. Ray White Mangawhai also had an outstanding sales result. Ray White Bream Bay achieved a personal best for the month.
The Auckland region saw Ray White City Apartments lead the region. Ray White Remuera and Ray White Howick had a highly successful month. Other notable results in Auckland included personal bests for Ray White Browns Bay and Ray White Takapuna.
The Central North Island has many areas that continue to show strength in sales numbers. Ray White Hamilton, Ray White Rotorua and Ray White Papamoa were all outstanding in their sales volume.
The Lower North Island saw strong sales from the leading office in the zone, which was Ray White Wanganui. Ray White Lower Hutt also had good sales for the month.
The Upper South Island had a month which saw less market strength. The leading office was Ray White Richmond.
In Canterbury, Ray White Metro achieved over $20 million in volume of sales. Ray White Full Circle and Ray White Rolleston had good sales months. Ray White Rangiora achieved a personal best sales month.
The Lower South Island was headed up by Ray White Wanaka, who completed their highest sales on record. Ray White Queenstown and Ray White Arrowtown had good sales volumes. Ray White Cromwell achieved a personal best.
The Ray White Group customer satisfaction remains as a key indicator of our company’s success. Each month our company measures our Net Promoter Score through Customer Monitor and our recognition and awards are centrally focused on raising the level of customer satisfaction within the Group.