Update on the Christchurch real estate market by Hayden Broadbelt
With the much maligned Capital Gains Tax behind us, June saw the welcome return of investors and a positive step forward for a steady Canterbury real estate market. Their presence is particularly prevalent in the apartment sector with many out of town and local investors seeing the Christchurch rebuild as a city where higher yields can be achieved versus other heated New Zealand property markets.
Bank lending and pre-approval rates have risen, providing a welcome return to positive sales growth from this time last year. I’m happy to report that new listings in Canterbury were up 5.7% compared to June 2018. Days on market has stretched to 47 days, up from 40 days in May. This increase is a seasonal stretch as buyers wait for the Spring rush to get a better selection. The median sale price dipped a little to $445,000, encouraging those first home buyers to take advantage of the low interest rates on offer and lack of seasonal demand. Auctions are still seeing strong support from those wishing to sell and purchase in a transparent environment. Our auction rooms remain busy each week, a reflection of the positivity in marketplace.
Property listings are the lifeblood of any real estate business and the volume of listings coming into Harcourts across the city continues to track well. Harcourts remains the preferred company in Christchurch with close to every second new property to the market being listed by your city’s favourite real estate brand.
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