WELCOME TO TEAM SUTTON CHRISTCHURCH.....
Despite the fears of naysayers who predicted a post-covid property crash, the number of residential properties sold in September has increased an astonishing 39% year on year with 1,173 properties sold, despite a chronic shortage of listings. This is the highest level of activity since March 2016.
The Christchurch property market has been particularly active since we emerged from lockdown, and the latest figures continue to back that feeling up. The September median sale price has risen to $503,000, a new record, up from $495,000 in August and almost 6% higher than 2020. Properties are also selling quicker with days on market down to just 29, 6 less than in 2020.
The Christchurch property market has been particularly active since we emerged from lockdown, and the latest figures continue to back that feeling up. The September median sale price has risen to $503,000, a new record, up from $495,000 in August and almost 6% higher than 2020. Properties are also selling quicker with days on market down to just 29, 6 less than in 2020.
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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 before Christmas should begin planning now - there's still time. |
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