WELCOME TO TEAM SUTTON CHRISTCHURCH.....
Despite the fears of naysayers who predicted a post-covid property crash, the number of residential properties sold in July across New Zealand increased by an amazing 24.6% from the same time last year (from 6,303 to 7,854) – the highest number of properties sold in a July month for 5 years according to the data from the Real Estate Institute of New Zealand.
The Christchurch property market has been particularly active since we emerged from lockdown, and the latest figures continue to back that feeling up. The August median sale price has risen 11.49% in 2020, now sitting at $495,000. Even with lockdown and the associated
cessation of activity during that time, 59 more homes have sold this year than in the same period last year despite the current acute lack of listings. They are also selling quicker with days on market down to just 32.
The Christchurch property market has been particularly active since we emerged from lockdown, and the latest figures continue to back that feeling up. The August median sale price has risen 11.49% in 2020, now sitting at $495,000. Even with lockdown and the associated
cessation of activity during that time, 59 more homes have sold this year than in the same period last year despite the current acute lack of listings. They are also selling quicker with days on market down to just 32.
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The removal of Loan-to-Ratio rules for bank lending, something we have been calling for for some time, seem to have had the desired effect with approximately 30% more first home buyers in the market this month compared to this time last year. There are also more investors in the market compared to last year, again likely due to the removal of the LVRs. On top of everything else, mortgage rates continue to fall to unprecedented levels, encouraging buyers into the market.
The problem we (and buyers) face however is stock. New listings are still very slow coming to the market with just a slight increase in new listings (+1.9%) compared to this time last year. Looking forward, it is expected more listings will come onto the market as we enter spring and approach the end of the wage subsidy and mortgage holidays. All in all this is a great time to be selling and anyone thinking of selling in Spring should begin planning now so they get a jump on the competition. |
We have great marketing packages at the moment that offer effective, high-profile marketing at a more affordable price.
There are even opportunities to pay for the marketing after sale. If you are interested in selling or just want to know what your present home may be worth, please give me a call. I’m here to help.
There are even opportunities to pay for the marketing after sale. If you are interested in selling or just want to know what your present home may be worth, please give me a call. I’m here to help.
Get in touch if you are thinking of buying or selling a home . . . . .
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Copyright 2020 Martin Sutton