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Trends we are noticing are:

  • Further mortgage rate increases are expected
  • Increase in properties on the market
  • Buyers and vendors are acting with caution

“Stock levels were up 74.7% compared to October 2021. All regions have more property for sale, putting downward pressure on prices.”

“This year, several compounding factors have created uncertainty and hesitancy in the market where there was confidence and urgency last year — rising interest rates and the cost of living, tax legislation and property regulation, tightened lending criteria, and global events with macro-economic impacts..” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to October 2021

• Median price down 0.9%
• Sales count down 33.7%
• Days to sell increased 8 days

Compared to September 2022

• Median price down 1.6%
• Sales count is the same
• Days to sell is the same

National market overview

Median prices for residential property across New Zealand decreased 7.5% annually, from $892,000 in October 2021 to $825,000 in October 2022. Excluding Auckland, the median house price has decreased by 3.4% compared to last year, from on $750,500 to $725,000.  Moving from September to October 2022, the median property price increased by 1.9%. The seasonally adjusted figures show a marginal increase of 0.7% moving from September into October.

 

Photo by Amy Bartlam. Design by Light and Dwell.

Information sourced from REINZ
Real Estate Institute New Zealand 

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