Timaru market is still ‘buoyant’ in ‘challenging’ conditions
Timaru’s average property prices continue to move in September, reflecting its ’’buoyant’’ but ‘‘challenging’’ market conditions, new property figures show.
The latest Real Estate Institute of New Zealand (REINZ) figures show the average property price in Timaru fell from $347,000 in September last year to $329,000 in September 2017.
Prices were also down in September from $330,000 the previous month.
At the same time the number of days it took to sell a house in Timaru also fell from 35 in September 2016 to 30 in September this year.
REINZ ambassador for Timaru Julian Blanchard said the town’s market remained ’’buoyant’’, albeit in ‘‘challenging’’ conditions.
‘‘Despite the conditions, with loan restrictions and elections the local market is still ticking along, with numbers still being about what they were last month and last year.’’
Blanchard said the situation was ‘‘as per normal’’ for the time of year, with ‘‘more properties coming onto the market, but still those numbers are down from previous years’’.
According to the figures average prices in Pleasant Point and Temuka rose from $279,000 in September last year to $345,000 in September this year, while the number of days it took to sell a house fell from nine days to 16 days over the same period.
Average prices in Geraldine increased $72,000 in the 12 months since September last year, up from $310,000 to $382,000, while the number of days it took to sell a house more than halved from 60 days to 29.
In the Mackenzie District’s Pukaki Ward, over the course of the year, average prices rose from $355,000 to $460,000, while the number of days it took to sell a house nearly doubled from 23 days to 55 days.
In Waimate prices rose from $240,000 in September last year to $320,000 last month, while the number of days it took to sell were up from 22 to 118 over the same period.