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