The latest market insights from the coalface
Treena Drinnan Chief Agency Officer Ray White New Zealand
SALES AND LISTINGS
For June 2024 , Ray White completed $ 1.067 billion in sales .
This figure represents a slight decrease of 4.60 per cent compared to June 2023 , marking the first reduction in the 12-month comparison since October 2023 .
The number of new listings across the group was 1,495 , which is up considerably on the same period last year . This increase has resulted in an additional 403 properties being added to our inventory , which now sits at 6,310 - the highest level it has been this year and 50.45 per cent more than the same time 12 months ago . This indicates that more homeowners are listing their properties , contributing to a more active market environment .
ONLINE ENQUIRIES
As we move into the second half of 2024 , the residential property market in New Zealand continues to undergo significant shifts driven by policy changes and evolving economic conditions . Ray White ’ s real-time data provides updated insights into these dynamics , enhancing our understanding of the current market landscape .
• After an initial boost , sales activity is down slightly year-on-year ;
• However , online enquiries have risen and ;
• Loan pre-approvals are up a whopping 74 per cent - indicating strong buyer interest in preparing to enter the market .
In June 2024 , online enquiries grew by 2.18 per cent compared to the previous year , accompanied by a 6.66 per cent increase in online users . This trend highlights a gradual but positive rise in interest from potential buyers .
LOAN PRE-APPROVALS
The number of loan pre-approvals submitted via Loan Market brokers has substantially increased . For the month ending June 2024 , there were 2,254 loan pre-approvals recorded , marking a 74.19 per cent rise year-on-year .
This significant uptick demonstrates that buyers are increasingly preparing their finances , indicating a strong intent to participate in the housing market and seize upcoming opportunities .
• Properties offered for sale by auction are selling 1.37 times faster than those listed by Private Treaty .
Photo : 36 Rue D ’ Amarres , Gulf Harbour , Rodney | Proudly marketed by Ross Hawkins , Ray White Epsom 17