July Market Report
01 Jul 2020, Chris Kennedy
In the latest release of the REINZ property sales data, Bindi Norwell, Chief Executive at REINZ says: “New Zealand’s property market continued to defy expectations in July with sales volumes increasing by 24.6% when compared to the same time last year. This was the largest annual percentage increase in sales volumes we’ve seen for the country since September 2015, highlighting just how confident the market was during July.”
Here in Christchurch our market was in effect little different. The latest sales figures for Christchurch city tell us that there were some 610 confirmed sales. Our median sale price was $491,000 and the days on market sits at 31 days on average. When we consider these Christchurch results to the same period last year, we see our sales have increased by 17% compared to the previous July, a hugely strong result which shows the current interest in property still prevails.
Our current median sale price of $491,000 is a huge lift over the recorded value for July last year of $450,000, but it does underline the pressure on prices our market is experiencing. Auction is increasingly favoured by clients as a preferred method of sale and here in Christchurch, and we had a 36% increase in auction listings when compared to July 2019.
Overall, it’s an active market and expectations are that this is likely to continue for some time, especially with the prospect of more Kiwis returning home once global restrictions ease. Securing great results starts with selecting the right consultant. As always, the team at Harcourts gold continue to bring exceptional property to the market and if you would like to know more please contact me.