News

Market Update

By Liam O'Boyle

The third quarter of 2011 has seen a recovery in sales volumes in the Canterbury region, more particularly in the least quake affected areas of Christchurch City, with a 35% increase in sales numbers for August and September 2011 over July 2011. 

The strong buyer enquiry from owners of Red Zone Residential properties was the main factor in this increased activity along with first home buyers and people transferring to Christchurch. 

Lack of properties on the market was an inhibiting factor for some buyers but September saw an increase in properties available for sale. 

Sales volumes within the City are still clearly divided between the least affected areas and the Central City, Eastern and Hill suburbs.

Number of House SalesJune 2010 June 2011 Sept 2011
Hill, Central & Eastern Suburbs 23187 148 
North & Western Suburbs                242 175 291 

 These figures also show a gradual increase in sales volumes in the most affected areas. 

The September 2011 median price of $348,000 has eased back in Christchurch City from $356,250 in August 2011, but is up over 5% for the year. 

Certainly there is a firming of prices for property in the North and West of Christchurch plus Selwyn and Waimakariri Districts. 

Comparison of Sales Numbers in Canterbury

June 2010 June 2011 September 2011
 Christchurch473 262439 
 Selwyn District         403641
 Waimakiri5979125

Statistics for September 2010 were not used for comparison for obvious reasons.

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