Monthly Market Update - June
With the much maligned Capital Gains Tax behind us, June saw the welcome return of investors and a positive step forward for a steady Canterbury real estate market. Their presence is particularly prevalent in the apartment sector with many out of town and local investors seeing the Christchurch rebuild as a city where higher yields can be achieved versus other heated New Zealand property markets.
Days on market has stretched to 47 days, up from 40 days in May. This increase is a seasonal stretch as buyers wait for the Spring rush to get a better selection.
Property listings are the lifeblood of any real estate business and the volume of listings coming into Harcourts across the city continues to track well. Harcourts remains the preferred company in Christchurch with close to every second new property to the market being listed by your city’s favourite real estate brand.