Massive Growth Prompts Move

Media Release 1 November 2007

Massive Growth Prompts Move For Ray White Apartments

Rocketing business growth which has seen staff levels increase from 12 to 40 in 18 months has prompted a location shift for Ray White City Apartments, which has opened a new office on Lorne Street, in the heart of Auckland city.

The business was the number three office for sales in August, and number four for gross commission – compared with number 65 one year ago. Principal Phil Horrobin believes the recent success reflects his business philosophy of working for the vendor.

Ray White City Apartments services the rental and property markets, with Mr Horrobin saying the new office location was more convenient for clients. “It’s highly accessible and has greater visibility than our previous position at the Viaduct. Since moving here we’ve also seen a high volume of foot traffic, which we didn’t get before.”

Mr Horrobin says the market is in a strong position for future growth, and had matured considerably from early this decade when much of the new apartment market centred on people buying off plans. “It was a relatively new market then, and people were just learning about it, but our specialty is in selling bricks and mortar because buyers and vendors require a high level of knowledge and expertise. They’re looking for useful information about the market, not just guidance through the sales process.”

Ray White City Apartments receives a lot of interest from overseas investors, many of whom are accustomed to apartment living and understand the market. He says the apartment market is similar to the residential market but in a condensed space, so just as house sizes vary, in his part of the market real estate ranges from small apartments to large luxury penthouses, often with all types available in a small area.

Mr Horrobin says despite talk of a real estate downturn, the apartment market is thriving. “The majority of sales at the moment are seeing capital gains, and we’re also seeing a greater amount over the reserve price in auctions.”

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