We are well into 2024 now, with Q1 in the distance behind us. After a summer where we began to see the housing market pick up with both prices and listings increasing, we expect to see this momentum continue even as we head towards the cooler months.
Let’s take a look at some of the current REINZ statistics for Canterbury.
When it comes to market share, owner-occupiers and first home buyers are still the most active groups across the Canterbury region. Real estate agents report steady attendance at open homes, and continued strong activity at auctions.
The average house price across the Canterbury region for March was $693,000, which is down just slightly on the month prior and up 1.9% on this time last year. In Christchurch City, the average price sits at $701,500 for the month, which is down 1.7% on February and up 3% on March 2023.
While many of the Districts in the Canterbury region experienced a slight drop in house prices year on year, the Hurunui and Mackenzie Districts saw huge price increases this month, with increases of 22.6% and 30.1% respectively on the year before.
Listings have increased significantly this month, with 1,054 properties selling across the region in March, with 665 of these in Christchurch City. This is a big jump from what we’ve seen recently, and real estate agents are optimistic that listings will remain high as we head into the cooler months. This is good news for buyers as this means a lot more available options and less competition from other buyers.
The current 'days to sell' sits at 31 days. This means that, on average, a house sits on the market for 31 days before it sells. For most regions around the country, this figure has sat at a high, however we can see the market is starting to pick up with the days to sell figures dropping, Canterbury’s is down 4 days on this time last year.
Interest rates are still playing a big part for both those keen to borrow and those currently with mortgages. There is still a lot of uncertainty around when the rates may begin to drop significantly, however most are picking around the end of 2024 or beginning of 2025. This is something to factor in when it comes to purchasing a home, however we can help step you through this and create a loan structure which best suits your short and long term needs.
Whether you are ready to buy right now, or it’s something you are considering in the future, it’s never too early to get in touch with us. We offer recommendations and guidance to help you prepare for buying a home. Contact us on 0800 005 676