Canterbury Market Update - November 2024
This month has seen a huge increase in the number of properties hitting the market, with both sales figures and median prices up in nearly all of the Canterbury regions. With interest rates decreasing and the summer approaching, it appears both vendors and buyers are feeling a lot more optimistic about the market than in previous months.
As we move towards Christmas, it’s likely we will see things flatten out over mid-December to mid-January when the nation essentially shuts down for the summer holidays. What happens after this is yet to be seen, but we wouldn’t be surprised if February and March are fantastic months for the market.
What does this mean for those looking to buy? Get pre-approved as soon as you can so you are ready to move!
Who’s in the market right now?
After months of first home buyers dominating the market, the tides are starting to shift. First home buyers still remain strong in the market, but with a number of owner-occupiers also making the move to new homes. Local investors have also made a comeback, which was to be expected with the number of positive policy shifts made in their favour, however overseas investors still remain mostly out of the picture.
Open home attendance continues to pick up pace, with agents reporting good numbers through properties, especially those newly listed. Properties that had been sitting on the market for a while, or those that needed a lot of work done, proved much less popular.
Agents also report good turnover in the auction rooms, with attendance remaining strong.
The majority of vendors remain realistic and are willing to meet the market conditions in order to get their properties sold. There are a number of vendors beginning to hold out for higher prices due to the decline in interest rates, however the market will determine whether this strategy pays off for them or not.
Canterbury sales statistics
The median house price in Canterbury was $700,000, which is up 1.4% on the month prior and up 2.9% on this time last year.
In Christchurch, the median price sat just under the regional average at $699,000. This was also up 2.8% on September, and up 3.6% on this time last year.
Below are our regional median prices for the month, compared to this time last year. As always, remember smaller regions often have less sales, and can cause these figures and percentages to shift greatly.
Ashburton District - median house price sits at $530,000, up 14% on this time last year
Hurunui District- median house price sits at $755,000, up 6.3% on this time last year
Kaikoura District - no data available for this month
Mackenzie District - median house price sits at $675,000, up 0.7% on this time last year
Selwyn District - median house price sits at $800,000, down 3.7% on this time last year
Timaru District - median house price sits at $510,000, up 3% on this time last year
Waimakariri District - median house price sits at $712,000, down 0.4% on this time last year
Waimate District - median house price sits at $420,000, up 20% on this time last year
Regional sales information
During the month of October there were 1,116 sales which has increased dramatically on September (986) and the 740 sales we saw way back in May. This figure is also up on this time last year, where only 881 properties sold.
Properties are also beginning to sell at a slightly quicker rate, with the average property sitting on the market for 38 days. This is down two days on this time last year, and while this isn’t a huge jump, again it’s a slow and steady move in a positive direction for the market.
There is no denying the market has picked up dramatically over the past few months, with more sales being made and prices rising slowly but steadily. Declining interest rates and the positive OCR announcements are having their effect and we are starting to see much more buyer confidence in both the local and national property markets.
It’s likely that this momentum will keep up over summer, especially if the OCR drops again further when it is announced in late November. This downward pressure on interest rates, combined with lower property prices and the number of properties available, creates a perfect market for buyers to make their move.
If you are looking to buy in 2025 and are keen to get pre-approved, then reach out to our Canterbury mortgage advisers. With advisers in both Christchurch and South Canterbury, we live, work and play in the local region and understand it like the back of our hand. If it’s time to get on the property ladder, buy your first investment property, or simply upgrade your current home, then get in touch.