October Market Report

17 Nov 2020, Chris Kennedy - Harcourts gold Business Owner

October Market Report

Here in Christchurch the sales figure results reflect what has happened nationally. While the 755 recorded sales in Christchurch is not a record, the numbers indicate a very strong market. The days on market is 28 days which is slightly shorter than the national figure and our median is now a healthy $526,000 - a new record high. With that said Christchurch is still an affordable place to live.

It is reported that close to a quarter of all property sold in NZ was sold by auction in October. Here at Harcourts gold over 52% of our listings were auction. Love them or hate them there is no doubt that auction is the simplest and fairest way to sell property in a market like this. When there is so much buyer interest in the marketplace, the ability for someone to transparently see who they are bidding against and as a buyer it gives you the ability to make a conscious decision as to whether you are prepared to offer more than the last bid. This week alone we have 39 auctions to be called, 27 of these are in our Property Bonanza to be called Wednesday 18th November from 4.00pm in the Gold auction rooms. The auction method of marketing can create certainty in uncertain times.

There is no doubt that the commentary and rhetoric is changing from the media commentators. The feeling is that we are not in a bubble. The comments suggest we are heading into a sustained period of price growth and increasing buyer interest from the existing market.

When the world gets back to a little more normality, perhaps borders reopen or space is available in quarantine facilities, then we will see the “brain gain” back into New Zealand from the returning kiwis and their families. Talk is now that over the next few years we could see as many as 250,000 kiwis and families looking to beat the rest of the world to our door.

I am often asked when is it a good time to buy, in my view now is the best time. To wait for the market to fall, or to predict the right time is nay impossible. Had we followed the advice of all the commentators we would be in dire straits. Here at Harcourts gold we prefer to make the market happen rather than predict what may happen.

The team at gold continue to bring exceptional property and results to the market. If you would like to experience a gold campaign, please feel free to call.