Everyone at Ray White has $4.87 billion reasons to smile as the network just posted it’s biggest month ever in our 117 year history. We finished spring with a huge bang. Sales volumes are up for the fourth month in a row, all our auction metrics strengthening further and average days on market are at their lowest levels in the past few years. Our powerhouse NSW network hit a massive PB with $1.56 billion in sales, while our SA network kicked a goal too with its PB of $184 million. The gains were widespread across Australia and New Zealand with impressive increases in most markets. The month of November is historically one of the highest turnover months of the year and this has continued in 2019.
Home affordability continues to rise on the back end of lowering interest rates and this has assisted investors and first home buyers coming into the market. The year 2019 will no doubt go down as one of the more testing years in our history. But it demonstrates the power of our geographic spread, our resilience and shows that the reward will follow if we remain patient and follow the processes.
Ray White NSW | ACT Joint CEO Jason Andrew said PBs came thick and fast last month, for both exchanges and settlements, in November 2019. Congratulations to those businesses that achieved this feat – Byron Bay, Lower North Shore, Prestige Palm Beach, TRG, Touma Group Redfern and also Upper North Shore. A new benchmark now represents the new high water mark to usurp moving forward.
The Ray White New Zealand group results for November 2019 saw a marginal increase in sales value in comparison to 12 months ago. Sales numbers, however, were slightly down because of the increase in the median sales price, which has risen by .65% to approximately $683,117. Overall the sales numbers resulted in 1,415 residential sales which gave a total released turnover of $957 million. Carey Smith, Chief Executive of Ray White New Zealand said the November results showed a continued increase in the majority of the markets.” Top business, Ray White Remuera, had a personal best result and the highest level of residential sales completed by a Ray White office in the history of the company in NZ at $92.9 million. Ray White Ponsonby completed $51 million in volume of sales; while Ray White Wellington City had another successful month with $31 million in settled transactions.
There were 3068 auctions scheduled in November across Australia and New Zealand, which was 17% higher than November 2018. Based on a 93% response rate, our Auction Day Clearance Rate was 58.5% which was steady compared to October but 16% up on the same month last year. We had a staggering 69,209 people attended our auctions in November with the average crowd size slightly smaller this month at 36.4.
Auctions with zero bidding was 18.3%, which means we had action on more than 80% of our stock. A commercial property in Narellan Vale was the top auction sale for the month for $7.575M through Peter Vines, Joseph Assaf and Victor Sheu. Our members have booked 1851 auctions in December, some 10% lower than last December.
Loan Market also continued its lift in activity with another busy month, albeit just shy of its October record with $1.49 billion in applications, and $1.1 million in approvals which is a new record and $846 million in settlements.
In Perth, Brett and Julia Oliver, Candice Geiles and Robert Crawford are excited to be opening the first Ray White and Loan Market collaboration in the heart of the port city business district. With over 20 years experience in the real estate industry, Brett Oliver says he is thrilled to step into the director’s seat alongside his new business partners.
In Brisbane, Kris Matthews is excited to be taking the reins at Ray White Toowong, in the heart of one of Brisbane’s best blue chip riverfront suburbs. Mr Matthews, who has been with Ray White his entire real estate career of eight years, is excited by the prospect of taking this career step into business ownership. In a stylish transition, Mr Matthews has bought the sales business off his principal Graeme Sharp who is rebranding his rent-roll and moving in a different direction.
In Broken Hill we welcomed Clifford Wren to the Group. With just over 20 years experience, Mr Wren said the opening of Ray White Rural Broken Hill was a natural progression as his business looks to continue its growth.
Mark O’Meagher and his partner Bree Christie have just taken the reins at Ray White Clare Valley from existing owners Daniel and Geoff Schell. Mr O’Meagher, who has worked as a sales agent with the business for the past seven years, is thrilled to be taking this next step into business ownership
Bidders from across the nation competed for 237 lots at the 45th annual Ray White Equine Dalby Stock Horse Sale, with sales under the hammer totalling more than $1.5 million, with a clearance rate of 78 per cent. The top sale price was achieved at auction twice, selling for $35,000 per horse.
We maintain our relentless pursuit for customer satisfaction and our network sent 9142 survey in November, up from 9013 surveys in October. We received a response rate of 35 per cent and our NPS score sits at a very high 83.
Congratulations to Ray White Hawkes Bay for listing one of New Zealand’s most exclusive organic farms and tourist destinations in Tauroa Estate. This organic farmed of more than 20 years, Tauroa Estate specialises in free range, antibiotic and hormone free Perendale and Romney sheep, Angus beef, plus high nutrition hay and feijoa with truffles, hazelnuts, walnuts, vegetables and turkeys — and a multitude of other fruit and animals. Check it out at 158 Matangi Road, Havelock North, Hastings.
This is the last White Report for 2019. Thank you for all your hard work and dedication this year, we know it’s been a year of two halves in the market! But the one constant is, it’s been another busy one. So from my family to yours, we hope you all get a restful break with your loved ones over the festive season and I hope to see you in the field in 2020.
Thanks again, I’m Dan White.