A message from our chief executive
Dear Property Owner ,
Already a quarter of the way through 2024 , buyers and sellers are becoming busier and have been enjoying more stable and predictable market conditions to make their next move .
The real-time data derived from our national network of 195 offices , through our Pulse platform is aflush with activity , painting a picture of a resilient and thriving market . Sales volumes have surged by 37.40 per cent , our salespeople are achieving prices that are up 11.30 per cent , and the number of new listings has seen a healthy rise of 23.80 per cent over the past year .
While March is traditionally a fairly strong month for real estate operations , these metrics have defied our expectations and reflect a strong degree of confidence in current opportunities .
Negotiations on other sale methods are taking their time , primarily because those purchases are increasingly contingent on the buyer ’ s ability to sell their own homes first and satisfy other due diligence . This means that while sentiment is positive and results are achieved , urgency is one feature missing from the current dynamic .
With new listings higher than they have been in such a long time , buyers have more choice , and feel confident in their ability to explore their options .
Anchoring these feel-good market anecdotes are persistent affordability constraints ( mortgage lending rates remain elevated after all ), more challenging profitability measures for business owners , and an uncertain global outlook .
One trend that stands out is the significant increase in auction activity , with participation across our Ray White network rising 84 per cent year-on-year . This is a clear sign that Kiwis have moved way past peak pessimism and now expect economic conditions to improve steadily to year-end .
Following the roller coaster highs and lows of the post-pandemic property market , our sellers are finding much-craved transparency in the auction process , with the visibility around bidding , the set date of sale , and a full and final unconditional deal on game day extremely attractive features on both sides of the transaction .
While not ideal in isolation , these depressive features are helping to keep a lid on market vitality , which would otherwise draw the central bank ’ s attention and likely necessitate the deployment of further tools to dampen demand .
To that end , it was pleasing to see the Official Cash Rate ( OCR ) remain on hold at 5.50 per cent at the last ( April 10th ) Monetary Policy Statement , showing that the central bank is comfortable that current measures are doing the job .
Photo : 226 Remuera Road , Remuera | Proudly marketed by Steve Koerber and Steen Nielsen Ray White Remuera
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