The property sales data from June has just been released by REINZ. While Auckland still dominates the headlines, here in Christchurch we’re noticing that the local scene is now starting to provide a steadier and level market for buyers and sellers. Christchurch had 552 residential properties sold in June. This figure is slightly down on the 615 for May and an increase on the 483 sold in June last year. This demonstrates that the local market remains active.
The median price of $431,650 is up 2.3% on May’s figure of $422,000. The median price YTD June 2015 sits at $428,500 – up 2% on the 2014 median of $420,000.
Over the last six months, we’ve noticed a shift in the number of properties coming on to the market, compared to the same period last year. More properties are being repaired, and many more are being built. The speed at which the likes of Prestons, Longhurst and Wigram Skies subdivisions are growing is impressive to say the least.
It’s no secret that the mainline insurers are flat out cash-settling over-cap claims as they look to clear these remaining liabilities from their books as quickly as possible. Harcourts alone has 36 active ‘as is’ listings in Christchurch. While buyers are enjoying a good deal of selection at the moment, we’re also finding more people expressing an interest in pursuing this type of property – especially tradespeople who’ve commented that the insurance repair work is starting to dry up.
The rental market is also showing some signs of moderation, after the dizzying heights of the immediate post-quake era. Trade Me Property currently has more than 1600 available rentals in metropolitan Christchurch. However, our in-house property managers have commented that strong demand continues to in the entry-level to mid-range sectors of the market.
Those considering selling in the short-term should begin making preparations for the traditionally active spring market – it will be here before you know it! For tips and advice on how to put your best foot forward, don’t hesitate to contact us today.