“Demand remains strong across the region with increases in sale volumes across parts of regional Canterbury. The market overall remains tight, with the level of inventory low by historical standards,” commented REINZ Regional Director Jim Davis.
The median price rose $10,000 (+2%) compared to July 2015, 20% in South Canterbury and 19% in North Canterbury. Compared to June the median price was steady at $425,000 with prices rising 10% in North Canterbury and 4% in South Canterbury.
Sales volume across the region fell by 2% compared to July 2015. Compared to June sales volumes fell 8%, with sales volumes rising 22% in Timaru, but falling 7% in Christchurch. On a seasonally adjusted basis, the volume of sales fell by 6% compared to June.
“Buyer demand and pricing remain strong in Christchurch with a shortage of stock,” says Bayleys Christchurch Residential Manager, Rich Norris.
Time on the Market
The number of days to sell in July eased by one day compared to June, from 32 days in June to 33 days in July. Compared to July 2015 the number of days to sell also eased by one day. Over the past 10 years the number of days to sell in July across the region has averaged 35 days. The level of inventory available for sale is now 17 weeks compared to 21 weeks in July 2015.
Rich Norris says, “It is too early to accurately state how the upcoming Reserve Bank lending restrictions, which the major banks have already brought into action will affect, if at all, the market.”
Waikato/Bay of Plenty, Auckland, Northland and Manawatu/Wanganui hit new record high median sale prices in July, with the national median sale price rising by $5,000 to $505,000, only $1,000 shy of the record median price reached in May 2016, according to the latest data released by REINZ.
Inventory continues to fall rapidly nationwide, with a 33% decline in properties available for sale year-on-year and six regions seeing falls of greater than 40%
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