The residential rental market two months on from February’s event has been through quite a cycle with current residential rentals available on Trade Me, approx 1400, which is above pre earthquake numbers.
Trade Me is one of the parameters we use to gauge the available rental supply, along with our own statistics. As in sales it requires a deeper analysis of numbers to portray the real picture.
Many of the properties available in Christchurch are not the type or location that potential tenants are seeking.
Post earthquake we saw a huge demand with available property numbers dropping to record lows.
In the last month we have experienced a slowing of demand.
As we state in many of our communications “well presented properties in sought after locations are always in good demand”
Residential Sales
The property market two months on from 22 February events is showing a gradual return of sales activity in Canterbury.
To obtain a truer picture of what is happening in the residential market place it can be catagorised into 3 distinct areas.
1. The Hill, Central and Eastern suburbs: 40 sales in March 2011 compared with 231 in March 2010.
2. The North and Western parts of the city: 153 sales in March 2011 compared with 364 in March 2010.
3. The Selwyn District: 56 sales in March 2011 compared with 37 in March 2010.
This clearly illustrates the varying levels of sales activity.
As stated in our previous report, sales volumes within many parts of Christchurch City are below levels to confidently define trends.
We reiterate our earlier comments on “Where the market is heading to?” We do not have a crystal ball. There are factors of de-population housing stock destroyed and the effect of demolition and reconstruction labour force arriving into the city, will determine market trends.
Tony McPherson
Director
Ray White AJ McPherson & Associates Ltd Licensed (REAA 2008)
In this increasingly competitive rental property market, it’s essential to raise the bar on your marketing. One of the most effective ways to achieve this is by showcasing your property via stunning photography. Here’s a few tips (that won’t cost the bank) to get you started! Time of the day … Read more
The Healthy Homes Standards (HHS) became law on 1 July 2019 and comprise of a set of standards for heating, insulation, ventilation, moisture and drainage, and draught stopping in rental properties. The Government recently announced a deadline extension to the HHS. What does this mean for property owners that are … Read more
Market Comment – May
Residential Rentals
The residential rental market two months on from February’s event has been through quite a cycle with current residential rentals available on Trade Me, approx 1400, which is above pre earthquake numbers.
Trade Me is one of the parameters we use to gauge the available rental supply, along with our own statistics. As in sales it requires a deeper analysis of numbers to portray the real picture.
Many of the properties available in Christchurch are not the type or location that potential tenants are seeking.
Post earthquake we saw a huge demand with available property numbers dropping to record lows.
In the last month we have experienced a slowing of demand.
As we state in many of our communications “well presented properties in sought after locations are always in good demand”
Residential Sales
The property market two months on from 22 February events is showing a gradual return of sales activity in Canterbury.
To obtain a truer picture of what is happening in the residential market place it can be catagorised into 3 distinct areas.
1. The Hill, Central and Eastern suburbs: 40 sales in March 2011 compared with 231 in March 2010.
2. The North and Western parts of the city: 153 sales in March 2011 compared with 364 in March 2010.
3. The Selwyn District: 56 sales in March 2011 compared with 37 in March 2010.
This clearly illustrates the varying levels of sales activity.
As stated in our previous report, sales volumes within many parts of Christchurch City are below levels to confidently define trends.
We reiterate our earlier comments on “Where the market is heading to?” We do not have a crystal ball. There are factors of de-population housing stock destroyed and the effect of demolition and reconstruction labour force arriving into the city, will determine market trends.
Tony McPherson
Director
Ray White AJ McPherson & Associates Ltd Licensed (REAA 2008)
Latest News
Get your rental standing out with quality photos!
In this increasingly competitive rental property market, it’s essential to raise the bar on your marketing. One of the most effective ways to achieve this is by showcasing your property via stunning photography. Here’s a few tips (that won’t cost the bank) to get you started! Time of the day … Read more
Read Full Post
Is your property compliant with the Healthy Homes Standards?
The Healthy Homes Standards (HHS) became law on 1 July 2019 and comprise of a set of standards for heating, insulation, ventilation, moisture and drainage, and draught stopping in rental properties. The Government recently announced a deadline extension to the HHS. What does this mean for property owners that are … Read more
Read Full Post