Monthly Market Update - September
September is a gateway month for the good people of Christchurch, a gateway to the warmer months and time to start thinking about putting away that puffer jacket you wear on the sidelines at Saturday morning sport. Frosty ground has been replaced with a catalog of colour as the garden city comes to life with new growth and vitality.
Days on market increased by one day to 40 days, with this number expected to drop as the Spring listing surge arrives. Open home numbers have lifted on the back of the monetary stimulus and seasonal demand means sale successes will follow. In September, there were 513 property sales across Christchurch, lower than August, but I expect this number to increase as marketing campaigns run their full duration through the end of September and into October.
As we head into 2020, bank economists are confident of a strong lift in Canterbury house prices after a sluggish period. Tumbling mortgage rates and the cancellation of the capital gains tax are contributing factors to these positive tail winds.
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.