The residential property market is now in to the final quarter for 2012. Reviewing the 3rd quarter for 2012, sales volumes have plateaued from a strong winter market. The main reason for this is the lack of properties available for sale on the market.
Demand remains strong with multi interest on many house sales. Sale prices set a record median high in August 2012 of $371,600 but have eased back in the September 2012 statistics.
Insurance availability for residential property is continuing to ease with new build insurance packages now available via several banks. The first of insurance companies have recently announced new insurance cover for existing properties but this will be on a case by case basis with conditions. There are issues continuing with insurance for properties pre 1950s but again this is a case by case situation.
The past quarter has finally seen a gradual increase in momentum for the greater Christchurch rebuild. The July announcement of the Christchurch Central Recovery Plan is bold and has been well received.
Housing construction is commencing on the many subdivisions in and around Christchurch. Residential investor interest is also returning to the Christchurch market. Rentals continue to be in short supply.
In an uncertain world, Christchurch is becoming an extremely attractive location.