Is August 31 the best day of the real estate year?
Because it heralds the end of winter and the commencement of spring! The commencement of that marvelous spring activity that now proceeds right through into the summer months. Homes have been diligently prepared for sale, marketing campaigns have been agreed with one’s chosen real estate agent, it’s the same feeling as new years’ day!
However the strength of the winter season has surprised many of us with its continuing intensity. Ray White’s results for August, at $3.7 billion, were way above our budgets and expectations.
Results in August were a little mixed with our New Zealand numbers not as strong as anticipated. A tightening in lending policies by the New Zealand Reserve Bank having its impact. In Australia, momentum was maintained through the eastern states with one comment being “if only we had more listings we would have had more sales.” Results in Western Australia continue to reflect their alignment process to the past resources boom.
Another month in excess of $200 million in our commercial and projects teams, with broad activity especially in the eastern states. Auction activity continues to be a highlight, the sale of 153 Elizabeth St, Brisbane by John Dwyer for $9.3 million at a yield of 4.95 per cent testament to this.
Our partners at Loan Market achieved nearly $600million in receipted settlements across Australia. This is down on recent volumes and is an expected seasonal trend, with August typically a slower month for mortgage markets. In New Zealand, Loan Market settled $178million. When combined with their partner, New Zealand Financial Services Group, the Kiwis settled more than $1billion in loans for the third consecutive month.
Much talk continued over the success of the group’s Connect conference on the Gold Coast early in August. Reflecting on the size and power of the group, it inspired many of our members to capitalise on the broader talents and skillsets within the network. How encouraging for a group such as ours is that!