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Trends we are noticing are:

  • Tightening of lending criteria and rate increase has slowed the activity of sales
  • Fall in month-to-month median prices
  • Annual price moderate growth

 

“Across New Zealand, the number of residential property sales decreased annually by 35.2% in April 2022, from 7,497 in April 2021 to 4,860.”

“Those who are backed by equity and secure in a job market with a low unemployment rate, will continue to see opportunity in the market as more stock increases choice, and prices ease.” – Jen Baird (REINZ CEO)

 

Canterbury market overview

Compared to April 2021

• Median Price up 20.8%
• Sales Count down 32.1%
• Days to Sell increased 9 days

Compared to March 2022

• Median Price down 2.3%
• Sales Count down 29.0%
• Days to Sell decreased 4 days

National market overview

Median prices for residential property across New Zealand increased 8.8% annually, from $804,362 in April 2021 to $875,000 in April 2022. Moving from March to April 2022, the median property price decreased a marginal 1.7%. However, the seasonally adjusted figure shows a increase of 2.4% indicating a stronger price increase than expected moving from March into April.

Sourced from REINZ

Real Estate Institute New Zealand 

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