Current market… what do I do?

Why Now is a Great Time to Buy in Christchurch’s Housing Market

The Christchurch housing market is showing signs of stability, presenting an exciting opportunity for prospective home buyers. The average property price currently sits at $765,011, with a modest decline of 0.56% over the last three months but a 0.97% year-on-year increase. Although prices remain 6.84% below their peak, they have grown by 4.35% since bottoming out in mid-2023, making it an opportune time to buy.

Here’s why now could be the perfect time to enter the Christchurch property market:

1. Undervalued Market: Christchurch remains undervalued by about 7.53%, which could offer great value for buyers as the market continues to recover. With more properties to choose from than in previous years, now is a buyer's market.

2. Improving Confidence: Lower interest rates have led to increased activity at open homes, indicating a shift in market sentiment. Investors and home buyers alike are returning, and with further rate cuts expected, you might want to act before the market heats up further.

3. More Inventory: There’s an increasing number of listings, providing buyers with a wide range of options. Whether you're looking for affordability or growth potential, there’s something for everyone in Christchurch. Suburbs like Aranui are seeing the fastest price growth, while more affordable areas like Phillipstown remain attractive options.

If you're considering buying in Christchurch, the combination of stabilizing prices, improving sentiment, and greater choice in properties makes now a great time to make your move. As the market continues to recover, acting sooner could mean securing a property before prices rise further.

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Sources:

- Stuff.co.nz, "Christchurch property market September 2024 update"【13†source】

- CoreLogic New Zealand Property Report【14†source】

- REINZ August 2024 housing data【15†source】