Total Realty Confirms Christchurch's Housing Market Remains Comparatively Stable
Despite the pandemic, Christchurch's housing market has remained comparatively stable, with demands for rental and sale properties remaining high as confirmed by TotalRealty.
CHRISTCHURCH, New Zealand, Sept. 1, 2022 /PRNewswire-PRWeb/ -- The third quarter of 2022 has again seen an overall average decrease in house prices across the country. This continues the downward trend that began in the last quarter of 2021. Some of the cities most affected by this shift to a buyers' market include Wellington, Auckland, and Dunedin. Christchurch has, however, remained relatively stable.
According to Total Realty Christchurch, part of the reason for the city's property market stability is its greater level of affordability. Even at the peak of rising house prices between 2020 and 2021, Christchurch properties recorded lower selling prices than other parts of the country. That's not to say that Christchurch homeowners didn't still see their fair share of gains. Indeed, even in this present downturn, Christchurch homes are valued at around 30% higher than what they were around a year ago.
Total Realty Christchurch further notes that this stability in the market bodes well for investors looking to purchase property in the city and surrounds, as it indicates that Christchurch property is less subject to volatilities that may be present in the broader market. The stable Christchurch property market is also not synonymous with stagnation, with both long-time investors and first-time buyers continuing to enter the market, and an increasing number of properties coming on sale.
A further contributing factor to the city's lively but stable market is the fewer years it takes for first-time buyers to save for a deposit, which means higher rates of loan approvals and lower risk of sales falling through. The city is also seeing a rise in new developments, and an uptake in interest in the rental sector.
As predictions continue to point to a further downturn in the last quarter of this year, Christchurch investors may be best situated for riding out the worst of dips to come.
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