Market Opinion
The April results for the Ray White Group showed a strong lift on the previous month’s sales and were consistent with the sales numbers for the same period in 2010. The key indicator of turnover was similar in the majority of the zones; with Auckland showing consistent trading as did the Central and Lower North Island. The Upper South Island showed an increase of 12% on March, with the Lower South Island seeing the highest lift with a 40% increase. The Canterbury region showed an increase on last month however is still 35% down on the previous 12 months. The Canterbury marketplace is showing good steps to recovery.
While there has been an increase in sales, there has been a slight decrease in the overall new listings that have come onto the market which has in turn resulted in days on market decreasing and prices holding and increasing in most of the markets.
The continuing record low interest rates and the increased confidence in the marketplace are expected to deliver higher sales results in May. It is believed that sellers should have increased confidence in listing their properties for sale given the current market conditions.