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Fewer properties mean less house sales in South Canterbury

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Updates on the real estate industry in South Canterbury

September has been quite a difficult time for South Canterbury real estate agents. Sales volumes were down on normal levels with lockdowns taking the blame.

“September saw 41 properties sell in Timaru for the month with a median price of $460,000 and 42 median days to sell,” Real Estate Institute of NZ (REINZ) ambassador for Timaru, Julian Blanchard, said.

“The Covid situation around the country has seen a lower number of properties enter the market than normally occurs at this time of year meaning this number of 41 being a lot lower than normal.“

He said the median price had moved back up to where it was a few months ago showing that prices were still strong.

“The median days to sell has got a little longer as well which was expected given lockdowns and restrictions on viewings.”

In August 2021 there were 57 house sales in Timaru ward. In September last year a total of 51 house sales were recorded with a $425,000 media price taking 35 days to sell, the statistics for September 2019 being $342,500, 45 sales, and 46 days.

The biggest drop in sales occurred in Geraldine. Only two houses sold there in September with median prices and days to sell unknown. In 2020, for the same month, there were 15 sales and eight in 2019. In August 2021 Geraldine had seven sales with a median of $481,000 and a median sale time of 31 days.

Sales in Pleasant Point-Temuka dropped to 10 in September from the 18 in August but the median average price hit $446,000, well up on the September 2020 median of $356,000.

Selling times have cooled to 29 days in Waimate where it was taking only nine days to sell a house in August but volumes were steady with six sold in both months. The median average increased from $325,000 when there were 10 sales in September 2020 to $410,000 in September this year. The median was $350,000 in August.

In Mackenzie’s Opuha ward there were six sales in September ($435,000 and 81 days the medians) with five sold in September 2020 ($340,000 and 40 days the medians). Pukaki ward had four houses sold last month (medians unavailable), after eight sales in August.

Nationwide, REINZ figures show median prices for residential property increased by 15.4 per cent to $795,000 in September compared to $689,000 in September 2020.

The median house price in Auckland increased 20.4 per cent to $1,150,000 from $955,000 in September 2020. However, this figure was down 4.2 per cent from its record $1,200,000 in August 2021.

Christchurch City ($670,000), Hurunui District ($651,000), Selwyn District ($775,000), and Waimate District ($395,000 which included the Pareora ward) reached record median highs.

Read the full article here: Fewer properties mean less house sales in South Canterbury

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