Property Market Update | July
The cold winter is not helping the real estate market with realestate.co.nz noting in their June report a decline in listings of 13% for Canterbury.
It was also noted that the average asking price had declined by 5.4% to $469,994 but the present total stock on the market was up 4.4% to 3,281 properties.
We have noticed reduced numbers through the open homes, very understandable with the cold weather however of those coming through the quality of the buyer is higher.
So it is probably better to market a property now as you will be dealing with genuine buyers who are prepared to get out in the cold and seriously look at properties.
The rental market is holding well with continual leasing of well-presented properties with good heating options.
We note that as from next January the Christchurch Boys` High and Christchurch Girls` High zones will be the same which has effectively extended the Girls` High zone and will enhance of our properties that could only offer the Boys` High option.
The mortgage market is a little tighter with the banks requiring specific criteria to be met and commercial loans are restricted to a degree. However there are still favourable fixed term rates available.
The days are getting longer with more sunshine hours so all good.