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Canterbury homes sales high as prices set new records

Canterbury house prices are still rising, but not as fast as in most other regions.
Canterbury house prices are still rising, but not as fast as in most other regions.

Check out this article we found by Liz McDonald for Stuff UK.

Demand is till pushing up house prices in Canterbury as buyers continue to outnumber sellers, the Real Estate Institute says.

March’s median sale price in the region as a record 17.8% higher than the previous March.

In Christchurch, the median March price was a record £438,633.00. Elsewhere in Canterbury, median prices for the month set records in Timaru district and Waimakariri district.

Canterbury’s annual price increase was the second lowest of all the regions.

Commentators are still forecasting the housing market to slow as changes to tax and borrowing rules announced last month take effect.

Housing market analyst CoreLogic has described levels of investment buying in Canterbury as at a “sustained peak”, with investors making up almost three in 10 buyers nationally for three months in a row.

Wendy Alexander, acting chief executive of the real estate institute, said Canterbury homes last month sold in a median of 24 days.

“New listings aren’t coming to the market fast enough to match the speed at which they are selling, putting further pressure on stock as supply is being outweighed by demand.” she said.

Read the full article here: https://bit.ly/3iZoRDZ

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