"In Christchurch and central Canterbury sales volumes continue to rise slowly while available stock remains limited. Sales values remain steady with some great results being achieved," says Bayleys Christchurch residential manager Rich Norris.
The median price rose $8,000 (+2%) compared to August 2015, with prices rising 16% in Mid-Canterbury, 12% in Timaru and 9% in North Canterbury. Compared to July the median price fell $5,000 (-1%), with prices rising 13% in Mid Canterbury, 5% in South Canterbury and 3% in Rangiora and Timaru.
Sales volume across the region rose by 6% compared to August 2015, with sales rising 29% in South Canterbury, 24% in Mid-Canterbury and 6% in Christchurch. Compared to July sales volumes rose 2%, with sales volumes rising 65% in Mid Canterbury and 35% in South Canterbury. On a seasonally adjusted basis the volume of sales fell by 2% compared to July.
Christchurch residential manager Rich Norris says, "The traditional spring supply of property coming to the market appears to be late this year however buyer demand remains strong. The reduced competition of available property makes now a great time to have your home on the market."
Time on the Market
The number of days to sell in August improved by one day compared to July, from 33 days in July to 32 days in August. Compared to August 2015 the number of days to sell eased by two days. Over the past 10 years the number of days to sell in August across the region has averaged 34 days. The level of inventory available for sale is now 19 weeks compared to 22 weeks in August 2015.
REINZ Regional Director, Jim Davis commented that, "Investors have become less active, in light of the new LVR rules coming into force and first home buyers more active over the past month. The expectation is that sales will lift as we move into Spring based on an expected increase in listings."
Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says, “The underlying trends indicate that the struggle for stock is the single biggest factor driving market behaviour and price expectations across the country, as we await Spring listings.
“We have been highlighting the lack of inventory for some time, and it continues to be a major contributing factor in the volume of sales across all regions. This is particularly so in Auckland, where inventory levels are at historic lows.”
Thinking of selling? Get in touch with Bayleys Canterbury today for a no-obligation property appraisal.