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Market Comment July/August 2011

By Liam O'Boyle

In reviewing the residential sales for Canterbury in the 2nd Quarter of 2011, April and May showed a good increase in activity and sales post February and March. The aftershock on 13th June 2011 saw sales volume figures for June 2011 decline, unlike the periods following September 2010 and February 2011, this was less significant.

 When peeling back the sales statistics we still have two distinct markets in the City, plus the outer districts of Selwyn and Waimakariri to illustrate this.

 Number of House Sales                          June 2011                              June 2010

 Hill, Central & Eastern Suburbs          87                                              231 

North & Western Suburbs                      175                                            242 

Selwyn Districts                                         36                                              40

Waimakariri                                                 79                                              59

 The sales market activity increased significantly following the Government’s announcement on 23rd June to purchase Red Zone residential properties. This Government decision has given 5000 people the opportunity make future housing decisions.

 The owners of Red Zone residential properties are considering future housing options, this is evidenced by increased website inquiry, greater open home attendance and subsequent written sales.

 The finalisation of assessments in the orange and white zones will create a steady stream of people who will be able to also make decisions.

 Demand for homes in the North and West of Christchurch is putting pressure on supply. New properties coming to the market are attracting strong interest.

Tony McPherson

Director

Ray White AJ McPherson & Associates Ltd

Licensed (REAA 2008)

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