Christchurch hits the half-mil milestone

Hot off the press from the Harcourts MarketWatch, the Christchurch market has broken yet another record…

“For the first time in history the average selling price for a residential property in Christchurch [sold by Harcourts]  is over half a million dollars, sitting at $507,681. This is up 19% on the same time last year and has jumped by 2.7% from February’s high.

Total listings are down by 16.5% and written sales are up by 13.7%, which indicates how competitive the residential market is. Demand for housing is outstripping supply.

Last month Reserve Bank Governor Graeme Wheeler increased the official cash rate to 2.75%, saying rising interest rates will have a moderating influence on the housing market. This is unlikely to be the case in Christchurch, where our rapidly growing population will continue to push prices up.

The same can be said for the loan to value restrictions (LVR),which have failed to have an effect on prices in the city. Theonly outcome is it is now more difficult for first home buyersto enter the market.

Auctions continue to gain traction in Christchurch, with auction numbers up 4.7% on last year. Vendors are seeing the value in letting the market determine price, rather than fixing, when demand is so high.”

Further to my comment from a couple of weeks ago where we mentioned that the Canterbury market was catching its breath – I’d say justifiably with these stats!

I guess the bottom line for the local Christchurch market is that the underpinning factors of high demand and a flush local economy continue to stimulate and drive these growth figures.

The message for any local purchaser, whether it be a first home buyer or an experienced investor looking to build their portfolio, is just do it, the timing is ideal!

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About Peter Griffioen

Peter Griffioen - or simply Griff to those who know him - has an established reputation as a high-producing Harcourts Canterbury salesperson. With a focused approach to customer service you can rest assured that you are in good hands, whether it be a relaxed chat about the state of the market or an in-depth discussion regarding your next property transaction. The key advantage of engaging Team Griff’s services is their local knowledge and experience. Currently in this post-seismic era, it is vital to have true professionals working on your behalf, ensuring that you are guided through the process professionally and with a caring approach. The advent of the ‘as is, where is’ market means specialised expertise are required and Team Griff has taken it on themselves to both understand and explain the pros and cons of this now accepted sale/purchase option. For over 26 years the Griff brand has become synonymous with achieving results. Griff now prides himself with his five member team and takes much satisfaction from empowering them to both achieve and reach their own goals. A team with a proven track record placed with the highest ranking Harcourts Million Dollar Club members, exceeding the $275m level. Such accomplishments highlight the team’s exceptional marketing and negotiating skills. Team Griff are recognised as industry leaders for their online presence and regular blog posts of current and relevant real estate information. E-marketing and readily available property specific detailed info means Team Griff’s clients have the edge when it comes to selling their homes, not forgetting purchasers who benefit first hand. A simple Google search says it all – the Griff brand ranking with the most frequent. Griff’s life focus extends beyond business, with quality time and fun being high priorities, while mountain biking, boating and fishing provide that vital time out. His Christian faith is his anchor for daily living, and his community is important to him. For a team approach to optimize the result for your next property transaction, be sure to talk to this award winning team - synonymous with hard work and results! Griff and his trusted team welcome your enquiry today.

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