2020 New Zealand, Canterbury/Christchurch Market Report
Busiest January in 4 Years!
The number of properties sold in January across New Zealand was up 3.2% on the same time last year making it the busiest January in 4 years according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
Compared to January 2019
- Median Price up 8.1%
- Sales Count up 4.8%
- Days to Sell decreased 10 days
The median price trend continues to increase slightly. The sales volume trend has been stable to increasing over the past year. The days to sell trend has flattened out over the past few months with recent data indicating the trend will move to improving.
“In Christchurch, there are signs of the first real growth in the market since the middle of 2014, with growth in the three months to the end of January hitting 2.1 per cent,” said CoreLogic head of research Nick Goodall.
“The impact of low interest rates on housing affordability is too big to ignore.
“We measure affordability in four different ways – the median multiple (property value to income), the proportion of household income required to service a new mortgage, time to save a 20 per cent deposit and rent to income ratio.
“Taking all these things into account you get a much better feel for affordability in an area.”
*Sourced from REINZ (Real Estate Institute of New Zealand) and CoreLogic