Home / Mid-Year Residential Housing Market Report 2016
Values across the city rose an average of 2.6 per cent in the past 12 months, including a 1.5 per cent rise in the last three months of the year. The average Christchurch home value is now just over $482,000. As we enter winter the demand for property does not change but what does is supply. Currently less properties are available, this means there is more competition for the homes that do go on the market over the period of June, July and August. Winter 2016 is presenting a particularly good opportunity for sellers within Christchurch.
Is Now a Good Time to Buy?
Good news for those hoping to buy a first home in Christchurch this year. The forecast is for a cool housing market.
Christchurch had the smallest increase in home values of any of the main centres in the past year, according to valuers QV (Quotable Value) and property analysts CoreLogic.
Values across the city rose an average of 2.6 per cent in the past 12 months, including a 1.5 per cent rise in the last three months of the year. The average Christchurch home value is now just over $482,000.
CoreLogic research director Jonno Ingerson said that “looking ahead to this year’s housing market, they expected Christchurch prices to ‘stay flat’.”
The cooler market climate followed several years of heat as the post-quake housing shortage stoked prices.
CoreLogic senior research analyst Nick Goodall said 2016 “could be the year for first home buyers” across the country, with interest rates staying low and increased access to KiwiSaver funds.
“The overheated market in the two years after the quakes means values and rents overcooked a little and as a result are not responding like the rest of the country.”
A longer time period beginning from June 2015 shows the growing consistency of the Canterbury housing market in comparison to the spritely Auckland driven market and steady – inconsistencies seen throughout New Zealand.