Harcourts Canterbury

The Canterbury
Home Team Advantage

Monthly Market Update - July

Harcourts Banner JULY 2019

The countdown to Spring is on and with it comes renewed hope for warmer evenings to entertain and dryer conditions to watch the kids play sport. The Canterbury property market in July remained resilient to the economic pressures placed on other towns and cities around New Zealand.

There was a slight decrease in properties coming onto the market, with home owners taking a cautious approach before the busy spring season. This hesitation translated into strong results in our auctions rooms as sellers benefited from reduced competition. Confidence in our local housing market continues to grow, with the median house price up by 3.7% from this time last year to $450,000. Sales successes for the month increased too, with a volume lift of 14.6% year on year. Investors are continuing to make their presence felt again, often seen at our open homes with their calculators in hand working out potential yields.
Days on market have dropped by two days from last month, down to 45 days, providing a clear signal that buyer activity is increasing.

Price expectations from our vendors continue to put pressure on buyers, with alignment often achieved through strong negotiation. It must be noted that as the weather warms up, stock levels increase, providing more choice for buyers. Auctions continue to be the preferred method of sale, creating an environment where buyer competes against buyer rather than buyer against home owner. Our Auctioneers are the best in New Zealand, bringing a mix of expert numeracy skills and panache that add to the excitement on auction day.

Of course 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 real estate company in Christchurch with close to every second new property to the market being listed by your city’s favourite real estate brand.

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