“While not experiencing some of the big gains seen in other parts of the country, such as Waikato and Bay of Plenty, the Canterbury market remains strong,” said Bayleys Christchurch Residential Manager Rich Norris.
Regional house prices across New Zealand are continuing to grow faster than in Auckland with numbers of properties available for sale dropping fast, according to June 2016 data released by REINZ.
The national median house price rose $50,000 (+11%) to $500,000 from June 2015 to June 2016. Compared to May the national median house price fell $6,000 (-1%). Central Otago Lakes recorded the largest percentage increase in median price compared to June 2015, at 42%, followed by Waikato/Bay of Plenty at 26% and Otago at 19%. Canterbury median house prices rose $7,000 (+2%) compared to June 2015.
Christchurch house prices have fallen by 3% when compared with May 2016 but risen nearly 2% in comparison with the same month last year.
“Sales volumes and prices are up modestly in Christchurch and stock is down with good demand for fairly priced property,” said Rich Norris.
Similarly, South Canterbury and Mid Canterbury have seen prices rise since last year but fall compared with May 2016.
Timaru, Rangiora, and North Canterbury house prices have seen prices rise since last month.
Volumes of sales have risen across the region by 19% compared to June 2015 but fallen 5% compared to last month.
Time on the Market
Property in Canterbury was on the market for an average of 32 days in June. This is an improvement of 1 day in comparison to June 2015 and 3 days in comparison to the past 10 year average of 35 days.
The number of properties available for sale has fallen by 17% over the past 12 months. There is currently 19 weeks supply of housing stock. This fall is relatively modest in comparison to other areas such as Wellington where there is only 7 weeks of supply.
Rich Norris explains, “Canterbury, particularly Christchurch, has been through a very different cycle than the rest of the country and it is good to remember two things:
First, Christchurch has experienced some strong gains post-earthquakes and well ahead of a lot of other major centres.
Second, a steadily increasing market such as we have now is generally a lot more stable and risk-averse than a market showing rapid and possibly unsustainable changes.”
Thinking of selling? Get in touch with Bayleys Canterbury today for a no-obligation property appraisal.