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Canterbury Market Update: October

The REINZ stats for September are out, so let's take a look at what's been happening in the market....

In Canterbury, the median house price has experienced a small increase, with a year-on-year rise of 0.7%. As of September, the average house price stands at $680,000, showing a slight uptick from the $675,000 price point recorded at the same time last year. This growth (and more so the stability in the market compared to the rest of NZ) is reflective of the appeal of the region, making it an attractive option for homeowners and investors alike.

In Christchurch, first-home buyers have emerged as the most active demographic, underlining the city's appeal for those looking to enter the property market. In Ashburton, owner-occupiers are the predominant force, while Timaru has witnessed a surge in investor activity.

In Christchurch, vendor price expectations have remained consistent. Market sentiment in Canterbury appears to lean towards the positive side, despite influences such as interest rates, inflation, and the anticipation of the recent election. However, local real estate agents are optimistic about the future, predicting an active market in the lead-up to Christmas and early into the next year.

Open-home attendance has generally been on the rise throughout most of the region, demonstrating the continued interest in the area. Auction room attendance has seen a significant increase in Timaru and Christchurch, indicating the growing popularity of this sales method. Sales counts have remained steady across Canterbury.

The average days to sell a property in Canterbury currently stands at 34 days, mirroring the 10-year average for September. Inventory levels in September 2023 indicate 14 weeks of supply, a notable reduction compared to the same period last year, with three weeks less of inventory. This change shows a more competitive market with properties being sold at a quicker pace.

Overall, both the Christchurch and wider Canterbury real estate market continues to show resilience, especially when compared to national figures. If you are looking to buy a property in the near future, it’s a good idea to speak to a mortgage advisor to ensure you are pre-approved and ready to make your move when the time comes.



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