Monthly Market Update - May
May was a month that we felt Jack Frost return from his summer slumber, whilst his fingers wrapped around us at the start of the month, it didn’t dampen confidence on the Canterbury housing market.
Whilst the market remained stable, 654 sales saw a significant 17.6% jump in sales from April with the median sale price static at $452,500. The five-year trend line continues to inch North reassuring both buyer and vendor alike.
This surge in sales provides evidence that investors are returning on the back of our coalition Government not going with Dr Cullen’s recommendation on a CGT (Capital Gains Tax).
First home buyers remain active but are bound by borrowing restrictions as the banks take a cautious approach around the historically low-interest rates provided. Our auction results continue to be pleasing with clearance rates up and those with their finance in place, securing excellent results within our rooms.
Days on market has increased by 1 day to 40 days, indicating our marketing method timeframes are lengthening due to the vendor and buyer price expectations out of alignment.
Whilst many take a conservative approach during the colder months, those who like to purchase property without the summer competition are securing great properties.
Driving through our great city, it’s exciting to see new buildings completed or near completion. Our residential sales teams are listing more and more properties within the four avenues and businesses are starting to return to the CBD. Accommodation projects are taking shape, and the hustle and bustle is returning. Like anything starting again, our hospitality sector as well as retail needs your help to get going. They rely on us to visit the CBD, to explore our heart and enjoy what’s being created.
Please remember, 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 continues to be the preferred company across the city with close to every second new property to the market being listed by your city’s favourite company, Harcourts.