Harcourts Canterbury

The Canterbury
Home Team Advantage

Market Update - April

April Stats

 

It is amazing how quickly things can change in our lives. For a period there, it was like being in the Twilight Zone. Everything centred around the 1pm daily update, and that brief bit of outdoor daily exercise where distance made us like pariahs to each other.

It is amazing how quickly things can change in our lives. For a period there, it was like being in the Twilight Zone. Everything centred around the 1pm daily update, and that brief bit of outdoor daily exercise where distance made us like pariahs to each other.

It’s incredible to think how fast it was to turn the lights off. Now we have to see what it’s like turning them back on.

Where does the real estate market sit amongst that?

While the market continued on throughout lockdown, it wasn’t the same. And so, in REINZ’s Christchurch housing numbers for April we do see some changes. A shortage of properties dominated the report, and a total 126 sales was a far cry from the previous month—but that’s to be expected in lockdown. The median house price fell slightly to $455,000 and average days on market lifted to 34, both due to physical movement restrictions.

But that was then. This is now. We’re coming out of a time when everyone has been hugely home focused. Some of us turned towards completing long-overdue DIY projects, and for others, seven weeks self-isolating at home with the family has provided the motivation and realisation to purchase a larger property without delay.

Monetary stimulus from the banks providing historically-low interest rates ; (below 3%, and possibly lower by the time you read this), has created a perfect environment in which buyers can break the renting cycle, and secure a lifelong dream of owning a property in New Zealand.

Buyers are already making their presences felt off the back of this. Sellers can be confident that they will see high demand for their properties, and this is clear from the large volume of attendees at our Open Homes across the city. Unlike other parts of the country which are more reliant on tourism and international students, we are in a good place for ongoing price resilience.

So while we’re still close to that Twilight Zone, the real estate market adapts, both in the short-term, and in the bigger picture. There are now opportunities to buy and sell that simply did not exist three months ago. Now’s the perfect time to seize them.
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