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Residental Market Review

By Tony McPherson

As we move into Spring, the hope is more residential property comes to the market the winter defied any traditional slow down and the only inhibitor to greater sales volume through this period was supply of listings.

Insurance issues can still be challenging, but the experience salespeople have gained dealing with likely issues when selling an existing dwelling is proving invaluable to their buyers and sellers. 

Contrary to some reports dwellings on TC3 classified land is selling. This is very much a case by case situation, with variable factors such as purchasers equity, location, financial institution and insurance company all being determining factors.

Late August saw more red zoning decisions with 121 hill properties and over 100 properties previously green, zoned red.

Owners from red zoned properties, personnel from outside Christchurch required for the re build, first home buyers, will continue to put pressure on the supply and competition for existing homes.

First home buyers are being encouraged by interest rates predicted to stay low longer and housing rents continuing to rise.

The Canterbury rebuild is gradually gaining momentum. Infrastructure repair and replacement is well underway and on 7th September 2012, Minister Brownlee announced a five year plan for the rebuild of earthquake damaged roads and underground services at a cost of $2.2 billion.

The greater Christchurch housing market will continue to be underpinned for some years by the rebuild, backed by the injection of insurance and re insurance funds. The announcement 10th September, Westpac through Lumley are introducing cover for new residential builds.

In a world where there are serious economic concerns in many parts, Christchurch offers activity and opportunity.

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