Provisional housing market update 7/16: Christchurch Metro

Press Release, Harcourts
For immediate release

Provisional housing market update

July 2016 Christchurch Metro

3 August, 2016

The average house price in Christchurch rose to $521,851 in July.

Provisional data from Harcourts, New Zealand’s largest real estate group, shows the average sale price rose by 10% compared to July 2015, and increased by more than 5% compared to June 2016.

There are currently 1385 houses for sale on Harcourts’ books in Christchurch, enough stock to last 3.3 months if there were no new listings.

Low stock continues to be the main feature of the Christchurch market but Harcourts NZ CEO Chris Kennedy says that should begin to turn around as the market emerges from its traditional winter slowdown – and as more homeowners recognise the advantages of selling in current conditions.

“July tends to be when the market is slowest as people hibernate from the cold weather. But the interesting thing this year is that prices are still rising, which means there are plenty of serious buyers out there.

“This year it’s only sellers who are holding off till spring. There is still plenty of buying activity, which is why prices are still rising.

“You only really have to look at that average sale price to see why now is a good time to sell.”

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