No slump in Timaru’s house prices

A leading Timaru real estate agent has shut down any talk about a slump in the town’s urban real estate market.

Real Estate Institute of New Zealand (REINZ) ambassador for Timaru Julian Blanchard said 35 properties were sold in Timaru urban in June with a median price of $515,000 and 35 median days to sell.

In May 55 properties were sold with a median price of $510,000, in March there were 58 sales with a median price of $460,000 and in February 44 properties were sold with a median price of $470,000.

‘‘Despite speculation and other comments about the market, the Timaru [urban] real estate is still buoyant and prices are not dropping,’’ Blanchard said.

‘‘There are still buyers looking for property and while the demand has not been as strong as 12 months ago, they are still selling for good prices.’’

Blanchard said the reason for the Timaru urban market to stay buoyant can be attributed to the real estate market being closely linked to the local economy.

‘‘The job market here is strong – commercial and residential. People are moving into town for work, and we’re mostly an agricultural-based economy.

‘‘Timaru has been quite insulated from Covid shocks from the last two years. While the rest of the country saw massive increases in the median prices, we never did that.’’

REINZ figures show the $500,000 median price for the Timaru District in June compared to $507,000 in May and $430,000 in June 2021.

There were 52 homes sold in the district compared to 65 in May and 81 in June 2021.

The Waimate District’s median house price had a larger $62,500 gap between June ($322,500) and May ($385,000) 2022 compared to $357,000 in June 2021. The Mackenzie District’s median house price was $570,000 for June 2022 with six homes sold in the district.