Strength in Stability
Treena Drinnan Chief Agency Officer Ray White New Zealand
August brought a renewed sense of stability to the property market, with the Reserve Bank( RBNZ) reducing the Official Cash Rate( OCR) to 3.00 per cent, its lowest point in three years.
This easing has started to relieve pressure on homeowners and improve affordability for buyers, which is further supported by the strong prospect of further rate cuts ahead.
At the same time, net migration has softened considerably, with fewer arrivals and more New Zealanders heading overseas. While this change reduces some of the population-driven pressure on housing, the impact has been balanced by improved affordability and stronger market participation.
RAY WHITE MARKET RESULTS
Ray White’ s August performance showed consistency and resilience.
• $ 1.075 billion in sales, down just 2.20 per cent year-on-year
• 1,200 settled transactions, a 1.60 per cent dip compared to August 2024
• 1,701 new listings, slightly ahead of last year, lifting inventory to 6,007 properties
Regionally, results were encouraging in the lower South Island, Canterbury, and the lower North Island, which all finished ahead of their 12-month comparisons- a positive sign of confidence in those markets.
RAY WHITE NOW NEW ZEALAND | 16