Tag Archives: Christchurch Housing Market latest news

Christchurch Real Estate

COVID 19 lockdown prompts surge in Christchurch housing market

person By Hadar alarm 1st Sep, 2021

The Covid lockdown has been instrumental in jumpstarting the buzz around the Christchurch housing market. Almost every notable realty agency in the city vouches for reinvigorated interest in property listings. The 2021 Level 4 lockdown has trumped the 2020 Level 4 lockdown as per sources from the Real Estate Institute. The market reflected the faith and confidence of optimistic consumers. Business, but not, as usual, is very much greenlit in the Christchurch housing market. Online appraisals, virtual auctions, and sales have become the tried and tested norm for agencies and consumers.

Christchurch housing market rallies for Spring

The Level 4 lockdown may have curbed the actual handover process. However, that has not deterred realty agencies who have channeled their efforts via remote productivity models. Consumers have also focused their attention on online listings and sales to a greater extent. Hence, Christchurch housing market predictions suggest greater traction over the uncertainty caused by the pandemic and the consequent lockdown in, comparison to last year.

The lack of open homes has catalyzed the frequency of direct inquiries. The low-interest rates and inability to travel overseas have also contributed to the exposure the Christchurch property listings receive. Some agencies have already reported 10-times the inquiries they received in pre-lockdown times for similar listings. Thus, agencies are hoping for even more positive, post-lockdown Christchurch housing market updates for property listings that are already live.

eCommerce to the rescue

The Christchurch market has demonstrated great adaptability to the Lockdown restrictions by falling back on eCommerce as the primary business model. While the initial response in the market was lukewarm in the early lockdown phases, the process became more streamlined by the second and third stages, and well-established by the fourth. The necessities paved the way for a seamless transition for all from Level 1 to the Level 4 of the Lockdown.

The fourth stage of the Lockdown has made an end-to-end digital platform transition with equal participation from sellers, buyers, and agencies. Virtual tours and photographs have substituted open homes. The stronger the portfolio, the better the chances of an asset changing hands, sight unseen. According to Christchurch housing market predictions, even homes that are not gaining as much attention are expected to see buyers move in post-lockdown.

This has fantastically set the stage for the usual Spring-time hustle and bustle for which the Christchurch real estate market is known.

Christchurch Real Estate, new zealand real estate

Christchurch Housing Market Drives Impressive Growth in Building Consents

person By Hadar alarm 10th Aug, 2021
Christchurch Housing Market

Insatiable demand from investors and homebuyers has prompted the development of numerous new homes in Christchurch. The city has issued building consents for as many as 2800 new projects hitherto, in the last 12 months. The Christchurch housing market now reflects a 12% year-on-year growth in 2020-21, in this regard.

What’s fueling the growth?

Market experts are quick to note that the go-order on a slew of new residential projects, comes down to three notable factors:

  • Government diktat for interest deduction from property investors
  • Demand for a new property with median housing prices entering a cool-off period
  • Confidence in the market to continuously produce new, value-for-money housing

The market should be even stronger by the time the recently consented new listings are complete, as per Christchurch housing market predictions from the builders themselves.

What’s changed in the Christchurch housing market in FY2021 Q2?

The FY2021 Q1 was quite a lackluster affair for the Christchurch realty market in terms of new housing.  The ‘winter cool-off’ period, teamed with a shortage of new listings slowed activity in the realty market. Sales were down as the residential value growth was down by 3.7% in April, 2.5% in May, and 1.9% in June. This catalyzed the resale market as buyers and investors were gripped by the Fear-of-Missing-Out.

However, June-end brought along more favorable tidings thanks to the factors cited above. Christchurch housing market updates indicate that the sanction of building consents furthers the recuperating interest in new listing investments/purchases. This also clears apprehension in the new governmental regulations.

Christchurch housing market predictions from the specialists also confirm that the median prices are here to stay after a 25.8% annual increase. The new median of $651,914 is not detracting consumers in terms of affordability, at all. If anything, the new building consents have bolstered demand for more, new listings.