Christchurch Market Watch

REGIONAL OVERVIEW

The latest residential property fi gures from Harcourts show that there was a lift in the Christchurch market in April with written sales up 16.1% compared to last year. After the stock shortages of the past few years, the additional inventory now available is fuelling a greater level of buyer activity than usual for this time of year.

New listings in April were down 15.2% on last year and down 23.3% on last month. This is a combination of the typical slowdown heading into winter, and an indication that the rate of new builds and earthquake-repaired homes coming onto the market is slowing down. However, inventory levels are still up 27.0% compared to last year so this should not have much impact on the market.

Average sale price in April was up 11.0% compared to last year to $529,436. This is the highest average sale price recorded by Harcourts in the past fi ve years. The higher value is a refl ection of the volume of sales of high-quality properties, which continue to attract a premium in the garden city.

ENDS

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