What’s Been Happening in Christchurch?

What’s Been Happening in Christchurch?

The latest Harcourts NZ residential property figures for Christchurch show there’s been a steady rise in the number of sales in the region through 2015 as the market makes a return to pre-earthquake conditions.

Written sales were up 5.8% last month compared to November 2014 and the graph, right, shows a steady increase in sales through the year apart from a small dip in August, in the traditionally slower winter period.

The number of new listings in the region has slowed year on year in November, down 28.6% to 454. That figure is also down slightly from 573 in October 2015, reflecting the continued slowing of rebuild properties coming to market.

That increase in sales and drop in listings has led to a reduction in stock on hand to 2042 last month, from 2194 in November 2014. And has led to a 5% increase in average property prices for Christchurch from $488,515 in November 2014 compared to $510,939 last month.

Christchurch Business Development manager Mike Mullen says it is great to see the number of sales in the region increasing through the year.

“We have a great market at the moment, in that it is presenting opportunities for both buyers and sellers. On the one hand there is plenty of choice out there for buyers, but also plenty of buyers to create competition and produce good prices for vendors.

“It’s a great way to finish the year, we’re hopeful that, once the holiday season is over, February will continue to bring plenty of activity from both buyers and sellers.”

ENDS

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