Market update: A steadier market for Christchurch

REINZ Stats 1The 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.

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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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