2016: Strong and steady
Backing onto 2015, a year of continued high sales volume, the 2016 real estate market in Canterbury has started strongly with the first quarter showing that momentum continuing. With a local economy remaining flush from the post earthquake rebuild there are still good cash reserves being readily channeled into local real estate. However the overall activity in the local market is more tempered than that of previous years and purchaser’s are enjoying the luxury of more choice, especially in the fringe areas and the newly built spec home market. It is expected however, that volume will continue to be strong as purchaser confidence remains high and investment in Canterbury real estate is seen as desired and a sensible option.
Capital growth rates remain constant
The bigger picture of the Canterbury province clearly indicates that supply has now overtaken demand and largely the post-quake housing shortage has been soaked up by vigorous building over recent years. This has largely been driven by the supply and release of land into the fringe areas of the city with the expedited approval process of the subdivision of land by the local authorities. This has resulted in a larger supply which in turn has brought an easing on capital growth rates.
Canterbury real estate likely to remain affordable
Full credit to the powers that be at the CCC and surrounding district councils, CERA and ECAN etc who post-quake moved swiftly to approval land for development. With such an injection of readily available land into the greater Canterbury market/residential rebuild has inevitably resulted in a leveling in capital grow rates over the previous 12-18months. Ultimately this will provide a more affordable housing market moving forward. This already is having a spin off effect on values in several sectors of the Canterbury marketplace and in our opinion will avoid a “Auckland type market” where limited land availability continues to drive housing values to record levels. With an abundance of flat readily available land on the outskirts of the city it is unlikely that we here in Canterbury will run out of land in the foreseeable future!
‘As is, where is’ market continues to perform
Having just reached a new milestone of 180 sales of “as is where is” property Team Griff continues to produce solid results, achieving a 95% success rate under the hammer and to date since the inception of this market having sold every property but one. In most instances higher than expected sale prices have also been achieved, where healthy competition has fueled such results. Do talk to us for a no strings chat if you need to explore the options available to you.
New secondary schools a boost for the east
With a state of the art shared campus planned, this will to be a huge asset for the East/North Eastern suburbs and will contribute to underpinning real estate values moving forward beyond the post-quake economic bubble. Click here to read more.
Healthy balanced market likely
All things being equal, it is my opinion that the remainder of 2016s residential market will continue to forge ahead, riding on the back of purchaser confidence, low interest rates and a flush local economy. With the CBD tracking well and key cornerstone projects evolving, the commercial market is beginning to underpin the bigger picture of both the rebuild and investor confidence.
Team approach key to success
With Team Griff now being a tight knit team of five, you can rest assured that your needs will be met swiftly and efficiently. Whether if is a general enquiry, or simply checking on an open home time through to an appointment to have your home appraised, our systemised approach will mean your enquiry can be dealt with on the spot. At the recent Harcourts Gold awards, taking out the # 4 spot, the Customer Services Award plus the Auctioneers’ Excellence Award was great validation that the team are each playing their part in providing a high level of service to our clientele.
Griff and the team