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Market news (a quick summary of recent articles):

Tony Alexander’s (economist) recent comments on the interest rate increases: “Do I think the interest rate rises will be enough to cause new weakness in the housing market?

Only to a minor degree. First-home buyers, I believe, will still be looking to take advantage of the good stock of listings, the fallen prices, and the easing in bank lending conditions in recent months. The main impact is likely to be any investors…”

Ashley Church: Is New Zealand building too many houses?

“the frantic drive to build tens of thousands more homes wasn’t only unnecessary – but, if we’re not careful, the legacy of it may be a glut in supply in the coming years – which is the last thing we need in a market where prices are already under pressure.”

Christchurch Market Summary

  • Helmores Lane, Fendalton. This four-bedroom family home on a 2000sqm section overlooking Little Hagley Park and located right on the Avon River has just sold for $6.8m ($25k short of the record).
  • Creyke Road, Ilam. After several attempts to sell, this five-bedroom family home sold for $3.33m – double its RV in August.
  • While New Zealand’s average home value has recorded its first annual drop in more than a decade, the decline in Canterbury has been described as minor.
  • Canterbury’s average property value slipped 1.1% ($9000) over the quarter to $786,000, but is still up 15% ($105,000) year on year.

Christchurch’s average value is currently $790,000 (September), compared to $799,000 three months ago.

Celebrations!

Given the current staff shortages throughout New Zealand at the moment, it was wonderful to be able to celebrate a milestone service moment just recently. On 30th September we all headed out to dinner to celebrate Fiona’s 20th year anniversary at Whittle Knight. We all had a fun time celebrating with Fiona. Metropol Magazine were in attendance to capture the occasion. We know that many of Fiona’s clients have been with her for most of those years. Fiona’s dedication, commitment to service and loyalty to the company have proved to be her winning formula. We all enjoy our ‘Fiona moments’ and long may she continue to do so 😊

Featured below Gillian Knight, Fiona Lynch, Ian Knight, and Gill Knight.

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