House prices still steady, affordable
South Canterbury’s housing market remained steady in November with sales volumes up slightly compared to a year ago, the Real Estate Institute of New Zealand’s latest property market report reveals.
Mackenzie district’s median price for residential property fell to $383,000 from $409,000 compared to last year but the volume of properties sold increased by one to 12.
The Timaru district’s median property price remained the same as November last year on $365,000 while the number of houses sold jumped to 84 from 78.
Residential property prices in the Waimate district dropped by $42,000 from $300,000 to $258,000. The number of properties sold increased from 13 to 18.
REINZ ambassador for Timaru, Julian Blanchard, said the consistent property prices in the region were expected.
‘‘The real estate market in Timaru has remained steady for a number of years now. It is a reflection of the economy of the region as a whole.’’
The district, he said, remained one of the more affordable places in which to buy property despite the nationwide consolidation of property prices in 2018 after huge upswings earlier in the decade
‘‘The market remains affordable for people looking to buy in Timaru, so there was no consolidation, just a steady increase on previous years.’’
He said this affordability explained the consistency of property prices in recent years, especially in Timaru.
Blanchard expects property prices to remain steady in 2019 without any major changes to the industry in the region.
‘‘The real estate market is made up of a number of different economic factors. Job availability, income levels, economy confidence among others will have a bearing on real estate in the region, but as in the last few years things should remain steady.’’