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Trends we are noticing are:

  • Hesitancy amongst buyers due to higher mortgage cost and concerns over inflation
  • Market activity and prices have eased to moderate pace
  • First home buyers are beginning to return to the market

“Real estate markets are cyclical, after a period of strong upward movement, it is slowing. However, prices tend to decrease more slowly than they increase and after a period of stability, the market tends to regain momentum and median prices start their climb. We are in the easing part of the market cycle”

“In more affordable regions, we have continued to see significant growth compared to larger markets such as Auckland and Wellington. Buyer demand remains intact in
Canterbury, and specifically Christchurch, reflected in the region’s strong performance over the past months.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to July 2021

• Median Price up 13.6%
• Sales Count down 29.6%
• Days to Sell increased 7 days

Compared to June 2022

• Median Price down 1.0%
• Sales Count down 8.3%
• Days to Sell is the same

National market overview

Median prices for residential property across New Zealand decreased 1.8% annually, from $825,000 in July 2021 to $810,000,000 in July 2022. Moving from June to July 2022, the median property price decreased by 4.7%. The seasonally adjusted figure shows a decrease of 2.8% moving from June into July.

Sourced from REINZ

Real Estate Institute New Zealand 

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