Christchurch QV Report June 2009
Christhchurch Property Trends
Property values in Christchurch declined by 7.3% over the past year (calculated over the three months ending June 2009 in comparison to the same period last year), an improvement on the 8.1% annual decline reported in May. The average sale price for the city remained steady at $339,962.
Melanie Swallow of QV Valuations said; “These numbers need to be treated with caution as the same period last year was a time of decline, measured against the month ending June which shows a period of flattening. However, it can still be viewed as a positive sign as far as market sentiment goes”.
“Suburban Christchurch has held well, with the central, northern, eastern and hill suburbs all showing a slight improvement year-on-year. The hill suburbs have shown the largest recovery and are closely followed by the eastern suburbs” said Swallow.
“The market is now showing clear segmentation in the level of activity. Over 90% of the sales which occurred in June were in the under $500,000 price bracket, with most of those actually occurring under $300,000. In this sector of the market anecdotal evidence from Real Estate Agents also shows multi offer situations, good success at auctions and an overall shortage of listings. Properties over $500,000 are slow in general, with the top end properties over $1,000,000 extremely slow to move. The lifestyle property market has also shown continued signs of softening. Again, job security appears to be a key driver in purchasing decisions” said Swallow.
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July 06 2009 04:51 pm | Uncategorized
