"The Christchurch residential property market remains strong with continued steady and sustainable growth. There are great opportunities out there for both vendors and buyers,” says Bayleys Christchurch residential manager Rich Norris.
The median price rose $14,250 (+3%) compared to August, with prices rising 6% in Rangiora and 5% in Timaru and Christchurch. Compared to September 2015 the median price also rose $14,250 (+3%), with prices rising 22% in South Canterbury and 13% in Timaru. On a seasonally adjusted basis the median price rose 2% compared to August.
Sales volume across the region rose by 10% compared to September 2015, with sales rising 94% in Rangiora and 26% in Mid Canterbury. Compared to August sales volumes rose 4%, with sales volumes rising 22% in Timaru and 17% in Rangiora. On a seasonally adjusted basis the volume of sales rose by 4% compared to August.
Time On The Market
The number of days to sell in September was steady at 32 days compared to August. Compared to September 2015 the number of days to sell eased by two days. Over the past 10 years the number of days to sell in September across the region has averaged 34 days. The level of inventory available for sale is now 19 weeks compared to 22 weeks in September 2015.
At a time when the Auckland housing market appears to be taking a wet winter breather, the national median price has risen to a new record of $515,000, prices outside Auckland have hit a record median high of $400,000 and six regions of New Zealand have hit new record high median sale prices, according to data released by REINZ for September 2016.
According to the latest figures released by REINZ, source of the most recent, complete and accurate real estate data in New Zealand, new record median sale prices were seen in Northland ($390,000), Waikato/Bay of Plenty ($458,500), Taranaki ($350,000), Wellington ($480,000), Nelson/Marlborough ($450,000) and Otago ($296,000).