Superior Real Estate and Property Management Services in Christchurch since 1966
Licensed Real Estate Agents REAA 2008

Avonhead 2016 Property Report

In Christchurch the average home value as of December 2016 was $494,247. In December 2015 it was $482,043.

Values have risen 2.5% in 2016. This was relatively low in comparison to other South Island regions – listed at the bottom. In contrast… the average value in Auckland & Queenstown Lakes is now $1,047,179 and $1,022,214! Nationally the average value was $627,905, up 12.5 per cent in a year.

Feedback from 2016 for me personally was… well-presented homes in the $500,000 price bracket moved with relative ease on the market and of course first-buyer homes remained popular with different buyer groups.

Looking Ahead at 2017… An election at home this year, question marks about the Auckland market being overvalued, and the threat of further borrowing restrictions are adding to the concerns. Auckland’s stellar annual growth slowing and other North Island centres experiencing a knock-on effect in particular the hot Wellington market. ASB senior economist Jane Turner said 2017 was shaping up to be a year full of promise for New Zealand’s economy.

“Strong population growth and low interest rates have fuelled construction demand, a tourism boom has the retail sector humming, the labour market has tightened and New Zealand households feel more confident, and dairy prices have finally turned around.”

I believe that everyone is guessing in their own terms about the housing market, “Surely this can’t go on forever”…

In regard to Christchurch I think there is nothing but potential and promise, businesses begin to open and move back to the city centre, and shopping centres continue to emerge in town such as the new ANZ Centre. Christchurch is becoming more attractive and with a slow and steady housing market and the North Island somewhat appearing to ‘peak’ I think… we will have a very positive year.

Average values, annual change:

Queenstown $1,022,214  +$31.6%     Nelson $499,866  +16.6%

Marlborough $421,688  +15.2%        Dunedin $354,133  +14.6%

Invercargill $236,416  +9.8%             Southland $228,760  +7.6%

Timaru    $334,433    +6.5%               Selwyn    $544,335    +3.8%

Waimakariri    $431,724    +3.5%     Ashburton    $352,732    +3.2%

Christchurch    $494,247    +2.5%

The suburb of Avonhead has varied in median selling price between $500,000 and $600,000 for 2016. The average time property in Avonhead remained on the market was 33 days for 2016. The shortest selling periods in April (21 days on average), May and August. Average time on the market in 2015 and 2014 was 31 days. In 2011 it was also 33 days.

Avonhead Christchurch City
Period Median Sale Price Median Sale Price
December 2016 $528,500 $460,000
November 2016 $528,500 $445,000
October 2016 $506,500 $460,000
September 2016 $512,000 $451,000
August 2016 $600,000 $445,000
July 2016 $512,500 $445,000
June 2016 $632,000 $450,500
May 2016 $581,000 $450,000
April 2016 $620,000 $465,000
March 2016 $592,750 $456,500
February 2016 $578,750 $450,000
January 2016 $521,250 $440,000

Avonhead Median Sales

 

Avonhead continued to perform well… as a popular suburb throughout 2016 with the average sale price being substantially greater than the government value. The sales varied between approximately 5 to at most 10 sales per month within the area.

Month Government Valuation Sale Price Less Government Valuation
Mar $493,571 40,572
Apr $482,500 26,688
May $436,429 33,142
Jun $541,000 46,900
Jul $505,625 24,861
Aug $476,429 13,928
Sep $455,000 65,000
Oct $482,500 19,500
Nov $487,500 21,250
Dec $513,636 43,257

Looking at three of the recognized roads within the area, Avonhead, Maidstone and Withells Roads all continued to perform well with an increase in average sale price… all but Avonhead Road. Although this is possibly directly correlated to the dramatic reduction of sales of only 10, compared to the 23 that occurred during an active 2015 for the road. Average sale prices for 2016 – $508250, Avonhead Road (10 sales), $503835, Withells Road (21 sales) & $676333, Maidstone Road (3 sales).

Of course each property is going to vary based upon there features and merits. If you want a report specific to your property please let me know but I hope you can take some benefit from the suburb information.

Regards,

Thomas Knight

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Sourced from REINZ & Core Data NZ