The stats from REINZ present a picture of an active market here in Christchurch. The median price of $374,000 is up a modest 2.6% on this time last year, although the institute’s house price index (which adjusts for different types of homes selling) found city prices rose 6.1% in a year. Canterbury homes are also among the fastest selling with an average list-to-sell period of 28 days, with the national average at 34.
It’s apparent that this strengthening market is being primarily driven by investors and first-home buyers competing for similar types of properties. Investors appear to be keen to capitalise on the frenzy in the rental market, whilst first-home buyers are keen to secure a property quickly before the Reserve Bank’s LVR restrictions come into force.
It has been my own experience that these relatively modest properties which appeal to both groups are being snapped up very quickly. One of my recent listings at 202 Beach Road, your classic three-bedroom, one bathroom, Summerhill stone home sold above asking price after only four days on the market – and it was TC3.
Liz McDonald (The Press): ‘Scramble even for ‘very untidy’ homes
REINZ: Sales and prices rising in August real estate market
NZ Herald: Sales growth slows, property prices up $5,000
David Hargreaves (Interest.co.nz): House market ‘will cool off’, say Westpac economists
BNZ-REINZ Residential Market Survey: No good news for buyers