At the time of writing, we’re about to complete our fourteenth appraisal, list our tenth property, and complete our forth sale for the new year. Needless to say, we are fairly upboard about the new year market, which we refer to as a premium time to sell.
Balanced market predicted
With the market tracking well for a positive start to the new year and with stock levels building steadily we predict 2017 to provide another year of balance. We are of the opinion that purchaser and vendor can both embrace the year positively – purchasers can continue to purchase confidently in what has become a sustainable marketplace as capital growth rates remain modest and property prices overall affordable. For vendors, they can expect to see continued demand and sell within a month, as we see no reason for the list-to-sell period to lengthen much from the 2016 average of 31 days. After all, with the flush local economy underpinning local investment and confidence, we are not likely to experience a downturn for some time yet.
‘As is, where is’ market continues strongly
Our first ‘as is, where is’ auction signalled more of the same for the year ahead. 54 inspections over 8 open homes produced five bidders and a result in excess of the reserve price. Our second auction resulted in an early auction after a mere four days on the market, with the ultimate sale price $50,000 above the pre-auction offer. With Team Griff’s track record of 98% sales under the hammer, our 1,300+ ‘as is, where is’ purchaser database, and 218 sales – we’re constantly receiving requests for assistance and consultation.
We see 2017 largely being a year of more of the same healthy investment into Canterbury real estate. Here’s to a great year ahead and be sure to be part of Christchurch’s exciting future and invest today!