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Nor'West News: September 24, 2020

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NOR’WEST NEWS Latest Canterbury news at starnews.co.nz<br />

Thursday <strong>September</strong> <strong>24</strong> <strong>2020</strong> 13<br />

PROPERTY NEWS<br />

Canterbury property<br />

market exceeding records<br />

August was a record month for the<br />

Canterbury property market, and it’s<br />

showing no signs of slowing down<br />

anytime soon. Recently released REINZ<br />

statistics show the median property price<br />

in Canterbury increased by a record 13<br />

per cent in August <strong>2020</strong> on the same<br />

period last year, with total sales volumes<br />

up 14.5 per cent.<br />

Bindi Norwell from REINZ says in<br />

August the Canterbury region also saw<br />

the lowest level of total inventory (2<strong>24</strong>7)<br />

since records began.<br />

“We are seeing high levels of enquiry<br />

continue across all price brackets, with<br />

buyers keen to purchase a home,” Bindi<br />

says.<br />

“There are approximately 30 per cent<br />

more investors in the market compared<br />

to last month, who are keen to invest and<br />

take advantage of the low interest rates.<br />

Over the next few months there will<br />

be many factors that could impact the<br />

market, but it is expected to continue as it<br />

has been,” she says.<br />

The Nor’West property market is also<br />

continuing its impressive growth incline<br />

with the median price for property in<br />

the area increasing by 10.7 per cent in<br />

August <strong>2020</strong> on the same period last<br />

year, bringing the median price in the<br />

area to $549,000 for the month. Total<br />

sales volumes for the Nor’West area also<br />

increased for August <strong>2020</strong> to 158 sales,<br />

with the median number of days to sell<br />

sitting at just 31.<br />

Owner of Ray White Bishopdale &<br />

Strowan, Barry Ellis, says the Nor’West<br />

market is one of the best in the region.<br />

It’s an area well-known for high-quality<br />

properties and is attractive to a wide<br />

range of buyers from first home buyers<br />

to investors and families looking for<br />

larger family homes in key school zones,<br />

particularly right now as families start to<br />

think about the new 2021 school year, he<br />

says.<br />

“We’ve got a lot of buyers actively<br />

looking in the Nor’West area – there<br />

simply aren’t enough listings on the<br />

market to meet the demand. Most<br />

properties we are taking to the market<br />

are often seeing 30 to 50 groups attending<br />

the first day of open homes, with many<br />

properties seeing well over 100 open<br />

home attendees over the campaign.<br />

“This level of enquiry is unprecedented;<br />

it’s certainly an exciting time for<br />

Christchurch property owners,<br />

particularly those looking to take<br />

advantage of the current market<br />

conditions,” he says.<br />

Co-owner of Ray White Bishopdale &<br />

Strowan Karen Ellis agrees the property<br />

market is booming, with auctions<br />

proving an effective way to get top dollar.<br />

“With so many<br />

buyers in the<br />

marketplace, auction<br />

is proving the best way<br />

to achieve top dollar<br />

for your property by<br />

creating competition<br />

among the interested<br />

buyers. In the last<br />

three months we’ve<br />

seen incredible auction<br />

results.”<br />

Karen recently<br />

marketed and sold<br />

15 Karen Lane,<br />

Beckenham at auction,<br />

which sold for $567,000<br />

after competitive<br />

bidding between keen<br />

purchasers (<strong>24</strong> bids<br />

in total) which was a<br />

stunning $57,000 (11 per cent) above the<br />

Rateable Value.<br />

Ray White Bishopdale & Strowan have<br />

another five auctions booked in the next<br />

two weeks and are expecting to see more<br />

incredible results.<br />

“If you are thinking about selling, now<br />

is a great time. You only have to look at<br />

the results we’re seeing, and the market<br />

statistics being released each month to<br />

realise it. And with spring well and truly<br />

here, those property owners that take<br />

Barry and Karen Ellis, Owners Ray White<br />

Bishopdale and Strowan.<br />

hold of the current momentum will be<br />

rewarded,” Barry and Karen say.<br />

So, if you are curious to know what<br />

your property could sell for, give them<br />

a call and they will have one of the team<br />

complete a market valuation.<br />

“It’s free, only takes 20 minutes, and<br />

you could be surprised at the result.”<br />

For advice on your next real estate<br />

transaction, contact Ray White<br />

Bishopdale & Strowan on 0800<br />

YELLOW (935 569).<br />

Nor’West<br />

Market Snapshot<br />

August <strong>2020</strong><br />

Median Sale Price<br />

$549,000<br />

(+10.7%)<br />

Compared to $496,000<br />

in August 2019*<br />

Total Number of Sales<br />

158<br />

Compared to 155<br />

in August 2019*<br />

Total Sales Value<br />

$108m<br />

(+23%)<br />

Compared to $88m<br />

in August 2019*<br />

Median Days to Sell<br />

31<br />

(+2%) (-13%)<br />

Compared to 36<br />

in August 2019*<br />

What’s your property worth?<br />

Call 0800 YELLOW to find out<br />

*Statistics have been sourced from REINZ<br />

Ray White Bishopdale & Strowan<br />

0800 YELLOW (0800 935 569)<br />

rwbishopdale.co.nz | rwstrowan.co.nz<br />

Inline Realty Limited (Licensed REAA 2008)<br />

Proudly owned by<br />

Karen Ellis<br />

021 519 275<br />

Barry Ellis<br />

021 519 274

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