White Paper – August
The last month of winter provided a slightly better level of results than we had been anticipating – always difficult to create sales volumes when listings are tight!
A total August figure of $3.5 billion was $200 million better than July 2016, but not as strong as August 2015. All markets were down on last year with the exception of New Zealand and South Australia. Interesting to note that South Australia’s early fears that they may also be hit by the same Western Australian spiral have been eased.
The standout result for August was from New Zealand whose results at $670 million were five per cent up on last year. That figure excludes the previously announced decision that the Leaders Group would be progressively joining Ray White from October this year.
Continued mixed results in the Commercial Group, with the development market experiencing soft conditions contrary to the investment market, delivering $164 million in traded sales. Though the re-sale of a development site in Glen Waverley Melbourne for $6.25m (after its sale in 2015 for $5.5m), showed that there continues to be strong competition for well marketed properties.
Our partners at Loan Market had a big month with more than $1 billion in lodgements. Settlements came in at just over $715 million. This is consistent with results of August 2015.
Perhaps the best feature of August was the significant increase in listing activity which gives confidence that our spring months will live up to expectations. Already, Ray White businesses collectively have 16,000 listings – hopefully a sign of good things to come.
Another promising sign, the fabulously successful late August auction at Ray White Double Bay saw 14 properties sold on the evening with combined value of $37 million.
Our latest customer data is promising with over 1,200 clients rating us a 9 or 10 out of 10 last month, from 1,500 surveys completed. Overall, our national Net Promoter Score sits at positive 76 – a truly world class ranking.
Interesting news came with recent research in relation to the Australian federal election, finding that seats with large numbers of investment property owners – and people who were negatively geared – voted for the Coalition and swung far less towards the ALP. This is a great indication that our efforts in this space throughout the election were amply rewarded.
What’s new at Ray White?
The Ray White awards season is well under way, with our New Zealand, Victoria and NSW celebrations complete – congratulations to all our winners.
In New Zealand, our Remuera business was crowned number one Ray White office internationally for the second year running. City Apartments was acknowledged as number two office and Ponsonby number five internationally.
In Victoria, Ray White Glen Waverley took out the award for number one office and the team in Albury was named top regional business. Ray White Oakleigh’s Jason Xi was named Victoria’s number one salesperson, and Phillip Island’s Yvette Tancheff was named number one regional performer.
The Victorian CEO Cup was awarded to the principal of Ray White Ferntree Gully, Matt Sims, who was recognised for his outstanding contribution to the company.
In NSW, Ray White Double Bay took home more than 10 awards including number one salesperson (Gavin Rubinstein), principal (Craig Pontey) and office in the city categories. In the Metro category, Epping’s Catherine Li, was awarded the number one principal based on settled commission, while the top office and salesperson went to the Macarthur Group and Castle Hill’s Kieron Stedman, respectively.
In the Regional category, The Newcastle Group was awarded number one office and Ron Kissell of Ray White Helensburgh took out the number one regional salesperson.
August saw Loan Market’s annual conference hit record numbers with 450 delegates attending. Loan Market’s international awards ceremony – held at Hope Estate in the Hunter Valley – saw New Zealand’s Bruce Patten crowned the number one broker in the Group and Gopal Sreenivasan the top franchise business.
Tremendous news in Western Australia with Ray White Corby & Co business owner, Elsie Corby being crowned the number one salesperson at the REIWA awards. Mark Snelson from Ray White Ellenbrook took out second place, and Andrew Huggins from Ray White Urban Springs was named in fifth position in the same category.
The launch of Ray White’s We Chat account in Australia received huge interest from both our Residential and Commercial businesses, with more than 700 members now signed up. Clients can now search all Australian listings inside the world’s largest social media platform.
It is with great pleasure that we welcome our new business owners for the month.
Ray White has reopened in Kurri Kurri (NSW), under the leadership of Rebecca Shiner and Carolyn Wallis-Tomlins.
Jeff Moxham’s Commercial NSW business opened a fantastic new office in Parramatta, to enable them to better service their clients in central and western Sydney, complementing the highly successful CBD business.
In New Zealand Karen and Barry Ellis have opened up in Bishopdale, Christchurch and in Auckland, the City Group continues to expand with the opening of a new office in Parnell.