Ray White New Zealand completed property sales of $630 million in the month of May 2014. These results were 23% up on last year and in comparison to last month show an increase of 37%.
Chief Executive Carey Smith said “The month of May showed a significant rebound, particularly in comparison to April’s results. The Loan to Value ratio together with the rise in the Official Cash Rate has shown a slowing in the residential market and our results reflect consistency through residential areas and a strong lift in our commercial sales.”
The average sale price for Ray White edged slightly higher being $523,000. This is 7% higher than last year. The number of new listings during May increased by 3%, with the network securing 1,350 controlled appointments for the month.
The top five offices in the Ray White New Zealand Group were led by a record topping sales result from Ray White Auckland Central Commercial in which their team completed in excess of $150 million in sales. Ray White Ponsonby continued their strong market share across the inner west, completing $39 million in sales. The Ray White Remuera office was number three and continues to show a good lift in sales volume. Ray White Metro in Christchurch had another outstanding month; with Ray White City Apartments also completing above average sales to be in the top five offices throughout New Zealand.
The Northland zone was headed up by Ray White Whangarei, with Ray White Paihia and Ray White Tutukaka recording good sales for the month.
The Auckland region completed just under $450 million in sales with several offices achieving record property sales. Ray White Auckland Central Commercial was the top office in the zone followed by Ray White Ponsonby and Ray White Remuera. Other offices to have good sales for the month of May included Ray White Pinehill, Ray White Broadway, Ray White Te Atatu, Ray White Howick and Ray White Stonefields.
The leading office in the Central North Island was Ray White Hamilton. Ray White Te Awamutu achieved a record result of $9.5 million in sales. Ray White Whangamata also achieved record results at $5.7 million for the month.
The Lower North Island featured a strong month from Ray White Wanganui. Ray White Lower Hutt had another successful sales month completing $5.2 million.
In the Upper South Island, Ray White Motueka led the zone followed by a good sales month from Ray White Richmond at $5.9 million. Ray White Nelson and Ray White Greymouth also recorded good sales numbers.
In the Canterbury region, Ray White Metro was the top office. Ray White Full Circle, Ray White Rolleston and Ray White Prier Manson all contributed to a strong month for the Canterbury region.
In the Lower South Island Ray White Dunedin was the top office. Ray White Wanaka completed another successful month and Ray White Invercargill achieved above average sales.
During the month the Ray White Group welcomed two new offices – Te Puna located north of Tauranga and Beachlands in East Auckland. During June the Group is expected to open two further offices, being Ray White Mangere Bridge and Ray White Merivale in Christchurch.