The final REINZ stats for 2022 have just been released, with 482 homes changing hands in a busy end to the year. The median sale price for the month was $650,000, while the median days on the market held steady at 31.
Of course, regardless of what the stats say there’s no denying we have entered a new phase in the property cycle. After the period of astronomical growth we’ve just experienced this is predictable and is something our team have been preparing for some time.
There’s plenty of scaremongering right now about the impending recession and further lending hikes. The coming months are going to present their fair share of challenges, no question. But, when it comes to the real estate market, it’s really important to keep one thing in mind – people will always be looking to buy. And people will always be looking to sell. Whether it’s a new job opportunity or a change of schools, a growing family, a country escape or a shift to something more manageable, life rolls on regardless of interest rates, loan-to-value ratios and market trends.
If you do need to make a move right now, one of the best things you can do is seek out the services of a property professional (and team) with deep local knowledge. When the market gets tighter, a healthy database of qualified buyers is worth its weight in gold. And no one has more connections and a better understanding of the unique market dynamics driving property transactions in Christchurch than us.
Harcourts Market Share: 55.6% Market Share in Christchurch for December.
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