First home buyers lift activity in Timaru
Timaru’s housing market saw more interest from first home buyers in March thanks to interest rates stabilising and banks offering good deals, the Real Estate Institute of New Zealand ambassador for Timaru says.
Julian Blanchard, said 61 properties were sold in the Timaru urban area in March with a median price of $468,000 and a median period of 41 days to sell.
“We are seeing more first home buyers in the market with the tight rental market and interest rates stabilising with banks offering good deals for new clients culminating in good activity in the under $500,000 market which is why the median price is slightly less than previous months.
“This buoyant end of the market should give confidence to other market sectors in the coming months”
For the entire Timaru District, REINZ stats for March show 86 properties sold compared to 61 in February and 70 in March 2023.
The median price for March in the Timaru District was $470,000 compared to $535,000 in February and $488,000 in March 2023. In the Waimate District, there were 13 homes sold in March compared to 10 in February and 7 in March 2023.
The median price for March was $380,000, compared to $435,000 in February and $442,000 in March 2023.
The Mackenzie District saw 10 properties sold compared to 13 in February and nine in March 2023.
$800,000 was the median price in March, compared to $555,000 in February and $615,00 in March 2023.
REINZ chief executive Jen Baird said Canterbury’s median price had increased by 1.9% year-on-year to $693,000.
“Owner-occupiers and first-home buyers remain the active group across the [Canterbury] region,” Baird said.
“Some vendors are adjusting their price expectations.
“Open home attendance remains steady. Auction activity is seeing strong numbers, with usually more than one buyer in attendance.
“Factors such as the economy are having the most significant impact on market sentiment.