PHOTO: Properazzi
The end of the financial year-end provides a perfect time for any company or industry to reflect on the year just completed, and look ahead to the forthcoming year. So I thought it would be of value to undertake such an analysis for the New Zealand real estate industry.
In the financial year ending March 2018 exactly 73,000 residential transactions were completed by the industry, with a turnover of close to $48.5 billion. This I would judge to be called a ‘good’ year by the industry, at least if you consider the last 10 years or so – by no means the best year but equally far from the worst. That latter record would undoubtedly be the 2009 financial year when just 55,000 transactions were completed for a turnover of $22.4 billion. Interestingly the best year of the past decade or so would be last year; for although slightly fewer transactions were completed in 2017 than 2016, the transaction turnover hit a record of $55.2 billion from 87,630 transactions.
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