Canterbury Market Update - February 2025
January saw a decent amount of market activity, for a month where most Kiwis are away on holiday and many businesses are closed for half the month.
With prices moving upwards, interest rates moving downwards, and plenty of properties hitting the market, it appears that the market woes are vanishing and that an active Canterbury market is here to stay.
Who’s in the market right now?
Owner-occupiers and first home buyers remained the most active buyer groups in the region, however investors have also been relatively active in Christchurch City - especially in the tertiary areas. This is to do with the number of university students moving back into the city after holiday break and investors capitalising on this.
Real estate agents report open homes to be a bit of a mixed bag, with some areas doing really well and having record numbers through, and others a little quieter. Auctions have fared much the same, with some properties proving popular and others with little interest.
Pricing might play a bit of a part here, with some vendors insistent on holding firm in their price expectations as they feel optimistic about the market improving, while others are willing to adjust to meet the market to get their property sold.
Canterbury sales statistics
The median house price in Canterbury was $675,000, which is down 3.6% on December, but up 4.5% on this time last year.
In Christchurch City, the median house price was $655,000, just under the regional average. This figure was also down 4.4% compared to December and up 1.6% on this time last year.
Below are our regional median prices for the month, compared to this time last year. As always, remember that often the smaller regions can have less sales, and this can cause these figures and percentages to shift greatly month on month, and some months to have no data at all.
Ashburton District - median house price sits at $565,000, up 13.3% on this time last year
Hurunui District- median house price sits at $560,000, down 11.1% on this time last year
Kaikoura District - no data available for this month
Mackenzie District - median house price sits at $635,000, with no data to compare to last year
Selwyn District - median house price sits at $800,000, up 3.9% on this time last year
Timaru District - median house price sits at $548,475 for a new record, up 7.1% on this time last year
Waimakariri District - median house price sits at $720,000, up 7.1% on this time last year
Waimate District - median house price sits at $325,000, with no data to compare to last year
Regional sales information
During the month of January, there were 670 properties sold, which is a solid effort when you take into account many businesses being closed and many people are away for the holidays. Compare this with December (1,031 sold), October (1,116 sales) and January last year (515), it’s definitely easy to see that the market activity is picking up again.
The average property took 51 days to sell, which is up 7 days on December, however again we have to factor in the holidays here. Another factor is that some properties that are priced to the market are selling quickly, while those with loftier pricing goals, are taking a bit longer to sell.
With the Official Cash Rate dropping to 3.75% at the end of February, and interest rates following, it’s likely that 2025 will end up being a much more confident year for both buyers and sellers. With lower interest rates, steady prices, plenty of properties on the market, and market confidence beginning to return, we fully expect to see this activity grow even further over the next few months.
If you are looking to buy a home this year and are keen to get pre-approved, then reach out to our mortgage advisers. With advisers in both Christchurch and South Canterbury, we understand the local region like the back of our hand, and can help you to buy a home here. If your dream home is calling or it’s time to take that next step on to the property ladder, simply get in touch with our Loan Market Agile mortgage advisers.