GROUP UPDATE
We ’ ve been studying very closely our DOM since the end of 2022 . DOM differs between auctions ( lower days on market ) and private treaty ( higher days on market ), but both have increased approximately 35 per cent from December 2022 to August 2022 . However , over the past one to two months , there has been a steadying of our average DOM . It is not rising . There has been so much work put into ensuring that we carefully consider how we can minimise DOM , especially in light of market volatility . All of our data and insights shows it ’ s reduced when our customers choose the auction method of sale , combined with an investment into property marketing .
Since our last White Report , we ’ ve celebrated well ! Our awards season and Connect conference brought together over 8,000 of our members during August and September , where we recognised determined effort and performance and deep commitment to customers and communities . All of these events have been as special as special gets .
As we always say though , every year we start again from scratch and we must be aware of the dangers of complacency . We just finished a record financial year for sales and market share as a group , but we know that this does not guarantee success again this year .
Whilst we ’ ve seen our DOM stabilise in recent months , we have much more work to do to bring it back down to levels that ensure our customers are achieving results in a satisfactory period of time , especially given the likelihood that the market will continue to be volatile for some time . It ’ s been great to see strong attendance at our weekly ‘ Stock Management ’ webinar series and seeing our members obtain so much benefit from them .
Our market share has reached 13.1 per cent across Australia and New Zealand , which represented a new high for the group . Market share gains across such a large market measured in inches over such a short period . What saw the largest upwards swing was our share of the auction market , where we reached a record high of 27.5 per cent during July . This is a remarkable number , nearly five times more than the second largest network . Even more reason why we were able to trademark the phrase “ Competition Creators ®
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So how have we started this new financial year ?
Our total sales volume for July and August 2022 was $ 11.7 billion , down from $ 13.9 billion in the same period in 2021 . Whilst this represents an 18 per cent fall in sales , we were 22 per cent up on the 2022 period and certainly writing much more business than what media commentators were predicting ! How often has that been the case throughout our history ? More than half of this decline occurred in New Zealand , with Australian sales volume down by less than 10 per cent .
Dan White Ray White Group Managing Director
Our listing numbers remain up on prior years . Our decline in sales has not been caused by a lack of stock . The decline has resulted from a reduction in market liquidity , best highlighted by an increase in our average days on market ( DOM ).
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