Christchurch, Canterbury Spring Property Market Update 2019

Christchurch City has shown an increased median sale price of $475,000 for September 2019, compared to September the previous year at $452,500, and an even more sizeable change from the previous month’s median price of $442,500.

Canterbury remains stable in the mid $400’s, with a median price of $450,000, which is a slight increase… Up 0.6% annually.

First home buyers still remain possibly the largest buying pool active on the market, most likely due to the lowered interest rates provided by the banks. Overall, the market is steady, although it is still apparent that the number of listings is lower than usual.

Compared to September 2018

• Median Price up 0.6%
• Sales Count up 2.4%
• Days to Sell increased 2 days

Compared to August 2019

• Median Price up 2.4%
• Seasonally adjusted median price down 0.2%
• Sales Count down 8.0%

What are the Future Predictions?

Westpac’s economists are tipping house price growth to accelerate next year, and believe home prices could rise 7 per cent in 2020. Homebuyers faced a record national median house price of $597,000 at the end of September, up from $560,000 at the end of September last year.

“We predicted (in May) that the housing market would gradually pick up, and that annual house price inflation would accelerate to 7 per cent over 2020. We predicted that the turnaround would be most noticeable in Christchurch and Auckland, which at the time were the weakest housing markets.”

REINZ chief executive Bindi Norwell has said

“Auckland saw the first annual increase in median prices for the region in 11 months,

This rise was the result of an uplift in the percentage of properties sold between the $750,000-$999,999 mark and the 6.3 per cent rise in median prices in Waitakere City – the only territorial authority in Auckland to see a median price increase during September,

Whilst the Auckland region saw an increase, it’s too early to call this a trend,”

Sourced form REINZ and stuff.co.nz