Trends we are noticing are:

  • Buyers are returning to the market
  • Motivated sellers are meeting the market

“Salespeople across the country are reporting glimpses of green shoots in the market this month as first home buyers show more interest after the Reserve Bank’s announced on the easing of LVR restrictions. Our members are seeing further alignment as vendors come with a desire to meet the market – those who are prepared to negotiate and be realistic are the ones selling”

“Rising interest rates are still a concern of many, but Christchurch salespeople say they feel the market has adjusted and buyers are still making decisions” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to April 2022

• Median price down by 2.9%
• Sales count down by 11.7%
• Days to sell increased by 6 days

Compared to March 2023

• Median price down by 2.9%
• Sales count down by 28.3%
• Days to sell increased by 2 days

National market overview

Median prices for residential property across New Zealand decreased by 10.9% annually. Excluding Auckland, the median house price has decreased by 7.3% compared to last year.  Moving from March 2023 to April 2023, the national median house price increased slightly by 0.3%.


Information sourced from REINZ
Real Estate Institute New Zealand