Monthly Market Update - February
The February property data has shown that median house prices across New Zealand increased by 14.3% in February to a new record of $640,000, which is up from $560,000 in February 2019. This was the largest percentage increase in 53 months. Bindi Norwell, Chief Executive at REINZ says: “February was a very buoyant month from a price perspective with median price rises the largest the country has seen in 53 months. “For two months in a row now we’ve seen every region in the country experience annual median price increases, showing a continuation of the price growth we started to see just before Christmas.”
The Christchurch property market remains steady with first home buyers and investors making their mark. The average property price increased by 4.2% to $473,000 fueled by high demand and low stock levels. There were 546 sales in Christchurch for the month of February, slightly down from the previous February. As the buying public return to work and their normal lives after an extended holiday break, the current stock inventory is taking on average 39 days to sell. This number is falling month to month as we continue to see supply and demand issues affecting the local property market.
Property listings are the life blood 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.