Canterbury Market Update - September 2024

Spring has truly sprung here in the city, with the blossoms and daffodils out, and Daylight Savings about to begin. With the blooms and longer days, often comes an uptick in the property market, with typically more homes becoming listed and more buyers out in force.

Read on or give me a call if you want to discuss this further.

Who’s in the market right now?

First home buyers remain the most active buyer group in the Canterbury market, and while owner-occupiers held off in making moves during Winter, they too are now back in force.

As expected, the combination of warmer weather on the horizon and positive changes made to legislation earlier in the year, investors are beginning to re-enter the market once more.

Open home attendance picked up slightly, with newer listings attracting the most interest. Good news for sellers, with auction room activity picking up, with more people attending auctions and better clearance rates on properties. For buyers, this means if you are looking to buy at auction, you really need to have your ducks in a row and be ready to move from a lending perspective!

In terms of pricing, most vendors remain realistic with pricing for most homes remaining at the lower to middle end of their expected pricing. However real estate agents report that they are starting to see a few vendors price more hopefully - whether or not these properties sell for higher prices is yet to be seen!

Canterbury sales statistics

The median house price for Canterbury in August was $662,000, which is up 1.8% on July 2024 and up 0.5% on this time last year.

Below are the house prices for August 2024 vs August 2023.

Keep in mind these can fluctuate greatly, especially in the smaller regions where there may only be a handful of sales per month.

Christchurch City?- average price is $660,000, up 1.5% on this time last year

Ashburton?- average price is $536,953, up 4.7% on this time last year

Hurunui District?- average price is $550,000, down 2.1% on this time last year

Mackenzie District?- average price is $550,000, no property info for this time last year

Timaru District?- average price is $530,000, up 10.4% on this time last year

Selwyn District?- average price is $817,000, up 3.4% on this time last year

Waimakariri District?- average price is $669,000, down 3.7% on this time last year

Waimate District?- average price is $440,000, up 13.7% on this time last year

Kaikoura District?- average price is $705,000, no property info for this time last year

Regional sales information

During the month of August there were 916 sales, which has hugely increased since our last report of 740 sales in May. However this is still down slightly on the 945 sales made in August 2023.

On average in the Canterbury region, a property is taking 41 days to sell. Compared to this time last year, this is 7 days longer.

What does this mean for buyers? Typically, new properties and properties in the lower price brackets are getting the most attention. This means if you are looking to buy a first home, it’s crucial to be pre-approved and prepared so you can go in ready to go. There is definitely a lot less pressure on buyers to be quick, as there has been in the past, but it’s still a good idea to be able to move when you see something you like. It’s also worth looking at properties that have been on the market for a while, as the vendors may have some wiggle room in the pricing.

After a whole lot of changes earlier in the year for both First Home Buyers and investors, things have now settled down a bit. With the OCR taking its first drop in 4 years in August and interest rates starting to move downwards, things are beginning to move in the right direction for those looking to buy a home.

It’s important to remember that with lower interest rates, comes more competition, so if you are looking to buy, it could be worth speaking to your advisor to see if it’s best to move now or wait and watch.

If you have any questions around the Canterbury property market, or are looking for lending advice, then don’t hesitate to get in touch with our Christchurch mortgage advisors. We know exactly what’s happening both locally and nationally and are here to support you in any way we can. Just get in touch.