Ray White Now, is our market report which gives you an insight and clarity on what is happening in the market now. If you are considering selling we explain how you can take advantage of the current conditions to achieve the best possible sales outcome.
Our 50th edition of Ray White Now is published at a time when we remain in the national framework of a Red Light setting; however, announcements are due soon regarding possible changes to the current settings.
We continue to adapt our practices in support of the Red Light setting framework. Each of our Ray White offices and licensee salespeople are aligned to the industry guidelines through the Real Estate Authority and the Real Estate Institute of New Zealand.
A series of headwinds have come into the real estate market during the first quarter of 2022. This coincides with a considerable rise in listings which allows buyers more choice. The announcement of interest rate rises, and ongoing lending restrictions, have resulted in more value for buyers as inventory levels rise. There are further official interest rate announcements due in mid-April.
Global activity linked with inflation is having an immediate effect on confidence in the general economy, bringing some apprehension from buyers. Although the number of sales is down, listings remain at a good level, and the increase in properties on the market is moving back to a more sustainable level. It will provide some genuine consistency for both buyers and sellers.
Sales numbers in March retracted back on value to $1.6 billion in unconditional sales. Our sales numbers decreased by 36.6 per cent. This reflects the current buyer activity and the response to the rise in properties available on the market.
The number of new listings entrusted to Ray White during March and early April has increased by 18.6 per cent. Our overall properties on the market has lifted to 5,375 which is a new high and 67.92 per cent higher than March 2021. The overall portfolio provides buyers with more choice and puts some pressure on prices, given that 12 months ago, our company held 3,106 properties.
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