Real Estate 2019 Wrap Up

Real Estate 2019 Wrap Up

We have Dissected for you the Main Takeaways from the Canterbury/Christchurch Property Market in 2019

 

 

 

  • 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 continues to ease slightly but with signs of change
  • Majority of sales transacting between $400,000 and $500,000
  • First home buyers still represent the largest individual share of new mortgage registrations at 29.49%
  • Five Christchurch suburbs saw a 5% or more increase in median values over the past 12 months
*Sourced from REINZ, RPNZ CoreData and OneRoof

 

 

What will Happen to the Property Market in 2020?

 

Westpac’s economists are tipping house price growth to accelerate next year, and believe home prices could rise 7 per cent in 2020. Homebuyers faced a record national median house price of $597,000 at the end of September, up from $560,000 at the end of September last year.

 

“We predicted (in May) that the housing market would gradually pick up, and that annual house price inflation would accelerate to 7 per cent over 2020. We predicted that the turnaround would be most noticeable in Christchurch and Auckland, which at the time were the weakest housing markets.”

REINZ chief executive Bindi Norwell has said

 

“Auckland saw the first annual increase in median prices for the region in 11 months,

This rise was the result of an uplift in the percentage of properties sold between the $750,000-$999,999 mark and the 6.3 per cent rise in median prices in Waitakere City – the only territorial authority in Auckland to see a median price increase during September,

Whilst the Auckland region saw an increase, it’s too early to call this a trend,”

 

 


Sourced form REINZ and stuff.co.nz