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Bayleys Research


JUNE 07 CHRISTCHURCH AND RANGIORA RESIDENTIAL REPORT

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The median sale price in Christchurch and Rangiora has shown no sign of slowing down, despite higher interest rates. Standing at $320,000 in the March 2007 quarter, this was up $3,400 from the December 2006 quarter, according to the latest Real Estate Institute of New Zealand (REINZ) Statistics.

Strong growth over the last year, particularly in the spring quarter pushed median dwelling prices 12.5 percent higher than the March 2006 median of $285,000. Over the five years to March 2007 the median sale price has more than doubled, from $155,000 to the current $320,000, an increase of 106 percent.

Sales volumes have remained reasonably steady. The total number of sales for the March quarter 2007 was 2,730. This was an increase of 112 sales on the same quarter for 2006.

A sustained period of high sales activity was experienced in 2003. In May 2003 through to September of 2003 permanent and long-term migration was at its peak with an average of around 41,000 new migrants per year. Floating interest rates were low, ranging from 7.1 to 7.3 percent in the second half of 2003. Another economic driver of the housing market is the rate of unemployment. In 2003, New Zealand’s rate of unemployment was continuing its downward trend, encouraging high consumer confidence which fuels activity in the housing market. This has remained a positive influence since then.

 

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