Real Estate Market Update (Post Covid Lockdown)
As we wait for REINZ (Real Estate Institute of New Zealand) to release the latest statistics for the month of June (post covid-19 lockdown) it was apparent our real estate salespeople were seeing a big increase in buyer activity.
Despite speculation that the market will go take a down turn it appears the opposite has happened. The lowest recorded interest rates and lower number of properties for sale has meant first hand we have seen properties selling and going under contracts at much quicker rates. Multiple offers on properties have been common throughout the last month and open homes have been seeing great numbers of buyer attendees.
For the previous month of May Christchurch still saw a steady growth pattern:
“The Canterbury market continues to remain steady with a median price increase of 3.4% to $460,000. Canterbury was only one of three regions to see an uplift in the monthly HPI showing good underlying value across the region, despite the impact of COVID-19.” – Bindi Norwell, REINZ CEO.
It will be interesting to see how the numbers have changed over the last month, although it does seem apparent there a more active buyers than sellers in Christchurch.
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