Real Estate News

Market update – Canterbury still bucking the trend

We’ve recently seen more properties attracting multiple offers, signalling an upturn in buyer activity. This aligns with Cotality’s latest report, which shows Christchurch and the wider Canterbury region continue to outperform much of New Zealand’s residential property market. Of the Canterbury market, Cotality’s Nick Goodall says:

“property prices are still more affordable, especially when you adjust for quality and size of property compared to the other main centres.”

That affordability advantage, combined with steady internal migration, keeps drawing buyers to the region. Business investment is also a factor:

 “Businesses are expanding into Christchurch and not so much into the likes of Wellington, and so that’s going to continue to sustain population growth if jobs are there as well.”

Despite all of this, Christchurch hasn’t been immune to the national slowdown. Sales volumes in the city have dropped approximately 14% over the past year. With the increase in buyer demand evident at the coal-face of the market in Christchurch, we would anticipate this easing over the coming months, particularly as we move past the election. And as Nick notes:

“Good quality property will always sell well, and well-located property with good connections will also sell really well” 

If you’re ready to take advantage of the upturn in the market, talk to the team at Irelands today!

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Getting it wrong can cause settlement delays, expensive disputes, and potentially serious financial consequences. Knowing what needs to be disclosed, and when, is essential.

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