Jan 07 Bucks Trend with Record Residential Sales

Media Release 15 February 2007

January 07 Bucks Trend With Record Residential Property Sales

Usually a low-gear month for the residential property market, January 2007 appears set to buck the trend with Ray White Real Estate New Zealand already reporting its best ever January sales on record – a 61 per cent rise on last year’s result.

Ray White CEO Carey Smith said the market continues to show very strong signs and is continuing in a positive mode, with the group’s stock levels up 16 per cent.

“Rather than exceptional performances by a handful of regions, it’s the group’s overall results across New Zealand which accounts for the outstanding month, particularly when you consider that January is still only 70 per cent of a normal month’s trade,” Smith said.

Auckland’s sales total increased 90 per cent on January last year – a record result which was led by the Pinehill office on Auckland’s North Shore. Pinehill was the company’s top-selling office in New Zealand, with over $18 million in trading.

Smith said the Lower South Island also had a strong month, led by Invercargill completing 55 sales. In Christchurch the results were collectively up by 45 per cent – with our group in Canterbury turning over $75 million in property sales.

Ray White Real Estate’s Nelson office led the upper South Island, while across the Cook Strait the lower North Island was topped by an outstanding result from Wanganui which listed 51 properties and $4.8m in trading.

The Central North Island was led by Hamilton City with 62 sales, and in Auckland, city apartments completed 33 sales. South Auckland’s Papakura office totalled $8.3m in property sales for the month.

The Northland district was led by strong sales results from Snells Beach.

Smith said that Ray White Real Estate New Zealand had invested heavily in technology and recruitment, and in delivering extensive training to business owners and salespeople. “We’ve focused on supporting our agents, because they are the core of our business, and we’re delighted that our people have had such success and maintained our leading position in the market,” he said.

“Having got off on a good foot, we’re expecting an exceptional year.”

About Ray White Group

The Ray White Group is a family-owned business which, since its formation in Australia in 1902, has been well regarded for its impeccable level of service, experienced and dedicated staff and commitment to training and support.

With an annual sales turnover of more than $20 billion, the Ray White Group provides a broad range of real estate and related property services.

Ray White NZ has 141 offices trading $6.5 billion annualised property sales.

ENDS

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