June Market Report
01 Jun 2020, Chris Kennedy
REINZ have just released the June 2020 sales figures and as expected the numbers underpin what has been a growing confidence in the NZ public since the release from lockdown. While June has been the first full trading month for the Real Estate industry since lockdown.
Here in Christchurch we also followed the national trend of increased activity, the stats tell us there were 588 house sales for the month, up 12% on last June. The median house price has also rose to $480,000 which is an increase of 9% on the same time last year. The days on market has dropped back to 44 days which is a positive sign.
The market has been steady across price ranges and there has been increasing interest from first home buyers, investors and families, with the favourable lending conditions available.
So, while all this news is positive what does it mean? Lockdown created an artificial stop to the real estate market nationally, but we are now seeing life return to its routine with property sales also showing a degree of normality, with a bit of catchup.
Going forward, rather than make predictions all we can really do is work with what’s in front of us now. To continue to provide relevant professional advice to all those who wish to buy or sell. We are in turn seeing great activity in the auction arena with many properties receiving pre-auction offers and also spirited bidding by multiple bidders in the Harcourts gold auction rooms. This giving certainty in uncertain times.
Kiwis will continue to come home over the next 12 months as a result of COVID-19 and that in turn places pressure on the current housing stock in Christchurch, which should be positive when it comes to values.
The team at gold continue to bring exceptional property to the market. If you would like to experience a gold campaign, please feel free to call.