News

Residental Market Review

ByTony 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.

Up to Date

Latest News

  • Government Hits Reset Button on KiwiBuild

    Nearly two years after its launch, the coalition government’s failing KiwiBuild initiative has received a reboot that will see the lofty target of 100,000 homes built in ten years abandoned. Today, we’re going to look at what the reboot involves and what it means for New Zealand’s housing market. … Read more

    Read FullPost

  • Landlords Fined for Breaching New Insulation Laws

    Landlords are being taken to court by their tenants for failing to meet the new insulation regulations introduced in July. One such case sadly involved a Bay of Plenty family whose young child suffered health issues while living in their rental property, which wasn’t insulated to new standards. Why … Read more

    Read FullPost