Twelve months ago I remember suggesting that we would soon see an annual increase in Canterbury property values of at least 10 per cent, so it with no surprise to read on the front page of Saturday’s Press that local property values have increased by 12 per cent over the last year.
It would be fair to say that locally the overall supply and demand of housing is underpinning this exponential growth. Combine this with a local economy that is currently experiencing a huge injection of capital as the rebuild of the city progresses, it is not hard to appreciate the upward pressure this creates on the local housing market. Personally I think the writing is on the wall and these clear indicators reflect the reality and intensity of our current micro economy here in Canterbury. How long this will continue is difficult to predict, however like it or not all the indicators are pointing to a sustained upward movement in property values for some time yet.
While it is important that we do not unnecessarily over-hype the marketplace it is a reality that we are confronted with, given a growing population and increased demand for housing. Let’s face it – every new employee that moves to Christchurch has to sleep somewhere.
Good result for first auction of the year…
Last Thursday saw the first seven of the Gold franchise auctions offered for the year. With all seven selling under the hammer plus 150 people in attendance this clearly indicated the buying public’s fervour of securing property in the New Year. The McFaddens Road property I marketed enjoyed excellent response with open homes well patronized plus a consistent stream of enquiries. While there was competitive bidding on the day, my encouragement to purchasers is to never be put off by large numbers attending open homes. Clearly, as the case was here, there was plenty of lookers but only a few participants!
The buying public is fast learning to appreciate the transparency of auction and accept that it provides fair and equal opportunity to purchase property.
Enjoy the week and embrace the positive vibe of a city in repair.