Selwyn_Times: September 21, 2022

6
Your guide to all things Real Estate
in the Selwyn District
Spring Real Estate Overview
Spring is a time of growth and
renewal, and rejuvenation. This sense
of change is evident in the property
market, with the gloom of winter being
cast off and buyers keen to see what’s
available.
Richard Tait from Harcourts Four
Seasons Realty comments that over the
last two weeks, as is usual in spring,
they have been extremely busy with
open homes and contracts underway
with purchasers. With plenty of listings
and buyers, the market has a positive
feel with buyer confidence in the
market.
Buyers from the North Island are still
making the trip to this area and going
through the open homes to see what
is on offer. However, once they return
home, they often realise they can get
better value by buying a property here
and decide to purchase in Selwyn.
With the Selwyn median prices
now around $750,000 to $820,000
(excluding Prebbleton), buyers are still
keen to list properties, despite a drop
from previously record-high prices.
Smaller areas like Coalgate are also
seeing interested buyers in the Selwyn
area. Meanwhile, with building supplies
becoming more accessible, newbuilds
continue to go ahead with plenty of
options for a new home in brand new
Selwyn subdivisions.
Changes in the current interest rates
may be challenging for some people.
With reduced house prices, Richard
advises that pre-approvals which may
have previously been from $760,000
to $800,000, have now decreased to
$700,000 to $730,000. However, he
believes people are adapting their
lifestyles to become more attractive
to banks for loans. Over the last three
months, he states they have been
“clearing car loans and credit cards” to
get rid of debts and re-evaluating their
lifestyle choices and budgets to be more
presentable to banks.
No matter what happens, sellers want
to look after their most prized asset by
using a good agent who will provide
value and experience. The recent drop
in house values and sales has sellers
keen to go with big, well-established
brands with an agent who reports well
and does everything right.
Meanwhile, buyers and sellers
continue to benefit from Selwyn’s strong
and confident market.