Will lower interest rates be enough to soak up the excess supply? ????
As we move into the business end of the season, it’s time for the final push to get properties on the market and sold before Christmas. The next few weeks will be critical for sellers aiming to wrap up sales in 2024.
?? How's the market?
According to Trade Me, new listings in greater Christchurch are up by 24% compared to this time last year, while search activity has dropped 6%. On the surface, this might seem worrying, but on the coal face, open homes remain busy. Buyers are out there, but they’re being more selective than ever.
?? Buyers enjoying plenty of choice
Well-presented properties that check all the boxes are still drawing competitive interest, but anything with clear drawbacks or misaligned pricing is sitting on the market longer. It’s clear: the onus is on sellers and their agents to remove obstacles, present homes at their absolute best, market smartly, and negotiate effectively. Buyers are content to keep browsing unless a property is compelling.
?? Steady prices, balanced market
The median sale price in Christchurch is holding steady, virtually unchanged from this time last year, while sales activity remains consistent. Easing interest rates have provided a bit of a boost for buyers, but with supply still outpacing demand, we’re back to a balanced market where both parties can make considered decisions.
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?? Investors re-entering the market
Interestingly, investors have started emerging from their hibernation. While they’re cautious, many are beginning to talk about acquiring property again—a promising sign of renewed confidence in the market.
?? Need to get sold by Christmas? Here’s the plan:
If you need to get sold before Christmas, here’s the plan: use the two long weekends ahead to prepare. Obtain a building report, address any outstanding issues, and get your property in tip-top shape. Aim for photos and video on 18 November, on the market by 20 November, with a deadline of 4 December or auction on 14 December. It’s achievable, and I’m here to help make it happen—just sing out if you need to discuss this further.
?? Ready to make your move?
To discuss any of the above or start your real estate journey, feel free to:
On the market
36 Thornton Street, Mairehau | 3 bed, 1 bath, single garage | $639,000
495A Madras Street, Saint Albans | 3 bed, 2 bath, double garage | Auction
22B Stourbridge Street, Spreydon | 3 bed, 1 bath, double garage | Auction
Coming soon
110 Bridge Street, South New Brighton | 3 bed, 1 bath, off-street parking
92 Bridge Street, South New Brighton | 3 bed, 1 bath, double garage, 2,054sqm
6 / 17 Warwick Street, Richmond | 3 bed, 3 bath, 1 carpark
5 Gracefield Avenue, Christchurch Central | 3 bed, 1 bath, single garage
Recently sold
12 Woodend Road, Woodend | Not Disclosed | 5 bed, 3 bath, off-street parking
10 Limes Avenue, Parklands | $765,000 | 3 bed, 2 bath, double garage
7 Piripiri Place, Broomfield | $542,000 | 2 bed, 1 bath, single garage
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