A message from our chief executive
Dear Property Owner ,
Upon reflection , 2024 has been a year of mixed outcomes . There ’ s been progress , particularly in taming inflation , which has meant the value of every Kiwi dollar goes further , but the methods to achieve that have come with a hefty price tag for the economy .
We can take confidence in the strides made to reduce inflation from its mid-2022 peak of 7.30 per cent to a more manageable 2.20 per cent , now comfortably within the 1-3 per cent ‘ sweet spot ’ as of the last quarterly reading . However , this achievement has come at a cost , and the lingering effects of strict monetary policies continue to weigh heavily on the economy .
In August , the Reserve Bank of New Zealand ( RBNZ ) finally began to ease up , cutting the Official Cash Rate ( OCR ) after the most aggressive tightening cycle in history . While this means that interest rates are now set to finish the year in far more attractive territory for mortgage holders , the full financial impact of rate reductions will take some time to filter through the system .
The uplift in sentiment , however , has been immediate .
Earlier this year , elevated interest rates significantly curtailed consumer spending , prompting many to postpone real estate decisions until policy adjustments brought borrowing costs down . Now , with encouraging insights from the RBNZ Governor Adrian Orr – who projects the OCR to ease to circa 3.50 per cent by the end of 2025 , including a further 75 basis points of reductions over the next year – buyers and sellers are re-engaging with the market .
Our Ray White network has seen consistent monthly increases in sales activity as we approach the year ’ s final stretch , highlighted by a surge in buyer enquiries , competitive multiple-offer scenarios , and our continued position as one of the country ’ s highest-performing auction agencies .
Domestically , easing financial pressures and renewed market confidence paint a brighter picture for the months ahead . However , conflict and unrest in regions such as Ukraine , Palestine , Syria , Myanmar , Sudan and New Caledonia underscores the need to remain adaptable in a dynamic global landscape where external events can swiftly impact our local economy and way of life .
Through all market conditions , Ray White remains dedicated to achieving exceptional outcomes , supported by the latest market insights . Whether you ’ re buying , selling , or gathering information for the year ahead , our network offers the expertise and knowledge to give you confidence as you navigate the next step in your property journey .
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