Ray White Now New Zealand - September Edition - Page 19

Demand
Our strong volume of buyer demand is clearly continuing to drive our results . Across all of our metrics , August demand was up . The initial buyer metric we take into consideration is the number of buyers viewing properties online . Throughout August , we saw 4.142 million views across our Ray White websites . This is 6.26 per cent higher than this time last year and resulted in over 49,229 enquiries , a volume that is 9 per cent higher than August last year . The demand hasn ’ t stopped at online activity . Across our auctions in August , we recorded an average of 4.7 registered bidders per auction . Of these bidders , an average of 3.4 were actively bidding ( refer to page 14 ) with an auction day clearance rate of 79.8 per cent . The final consideration we look at when measuring the volume of demand in the market , and arguably the most significant , is the number of people obtaining pre-approvals for finance . Pre-approvals are a key leading indicator to buyer confidence knowing they have the financial capacity to buy the property . Our partners at Loan Market are seeing record numbers of pre-approvals across the country , with 69.82 per cent more than this time last year ( refer to page 21 ).
As we continue to see strong numbers across these buyer metrics , we often ask ourselves why ?
What are we seeing with finance ?
The long-term forecast of low-interest rates and affordability around the purchasing of property . The number of first home buyers active in the market as they take their opportunity to purchase at interest rates that are the lowest on record , starting from 2.25 per cent and the measures put in place by the Government to restrict investor activity . This , coupled with the fact that banks are now testing serviceability at lower levels , means buyers can stretch further for a home and subsequently , vendors are seeing increased levels of competition .
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