June has been a busier month for property, with listings beginning to pick up despite us being in the middle of Winter. While the Christchurch market has been less volatile price wise compared to the rest of NZ, the last couple of months have been slower when it comes to listings and attendance at open homes.
June changed that, with real estate agents reporting a higher than normal attendance at open homes and more enquiries. Owner-occupiers are still the most active group in the market, with first home buyers not far behind. For those first home buyers who can afford the current interest rates, now is a very good time to buy, with the lower asking prices and less competition.
We are seeing a few investors begin to show their faces with the expectation that interest rates may be close to peaking and prices might be bottoming out. However, many investors are also choosing to hold back for a few months to see what happens in September with the Election. A change of Government could make things easier for investors going forward, so many are choosing to wait a little while and see what happens in the next few months.
The average house price in Canterbury for June was $655,000 which is down 4.4% compared to this time last year. Focusing on Christchurch City, the average house price was $650,500 which is down 7.1% on this time last year. Both are under the national decrease of 8.2% and the national average house price of $780,000.
The average days to sell across the month sat at 38, which is just slightly more than normal, and well under the national average of 49 days.
All of these factors make now a good time to buy if you can manage the interest rates. This is due to the lack of competition, low house prices, and the range of properties on the market. While owner-occupiers might find it slightly harder to move due to waiting on the sale of their own home, those looking to buy a first home are in a prime position to move on a property. If this is you, be sure to come and see us and sort your finances so you are good to go when your dream property comes up.
If you’d like any specific advice around local market trends and how this might impact your personal situation, then don’t hesitate to get in touch with our Christchurch Mortgage Advisors. We’d love to help you.