Trends we are noticing are:

  • Owner occupiers are using this market to buy and sell simultaneously
  • Motivated sellers are meeting the market

“Across Timaru, Ashburton, and Christchurch owner occupiers were most active. Attendance at open homes picked up for properties in the mid-level price range.”

“Economic sentiment and interest rates are having the biggest impact on Canterbury’s market; however, value change is softer in the region than in other larger cities.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to March 2022

• Median price down by 2.9%
• Sales count down by 13.0%
• Days to sell increased by 6 days

Compared to February 2023

• Median price up by 2.3%
• Sales count up by 32.7%
• Days to sell decreased by 15 days

National market overview

Median prices for residential property across New Zealand decreased by 12.9% annually. Excluding Auckland, the median house price has decreased by 9.7% compared to last year.  Moving from February 2023 to March 2023, the national median house price increased slightly by 1.3%.


Information sourced from REINZ
Real Estate Institute New Zealand 

Featured photos by SOHO HOME