Trends we are noticing are:

  • Tightening of lending criteria has slowed the activity of sales
  • Buyer competition has eased
  • Prices have remined steady

 

“With buyer demand subdued, sales activity experienced a 25.2% decrease and properties spent an additional five days on the market when compared to March 2021.”

“With international borders open, agents expect an increase of international buyers recounting that some returning families are already attending open homes.” – Jen Baird (REINZ CEO)

 

 

Canterbury market overview

Compared to March 2021

• Median Price up 21.9%
• Sales Count down 25.2%
• Days to Sell increased 5 days

Compared to February 2022

• Median Price down 2.4%
• Sales Count up 17.5%
• Days to Sell decreased 4 days

National market overview

Median prices for residential property across New Zealand increased 7.9% annually, from $825,000 in March 2021 to $890,000 in March 2022. Moving from February to March 2022, the median property price increased a marginal 0.6%. However, the seasonally adjusted figure shows a decrease of 4.8% indicating a weaker price increase than expected moving from February into March.

 

 

Sourced from REINZ

Real Estate Institute New Zealand