House sales fall as winter bites

SAHIBAN KANWAL
Last updated 05:00 15/07/2014

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Winter is slowing house sales in Timaru.

The June property market in Timaru reflected the nationwide trend, according to the latest Real Estate Institute of New Zealand (REINZ) figure.

REINZ regional director Tony McPherson said that compared to May, sales fell 13 per cent, with sales down more than 20 per cent in most parts of the region. "Traditionally, the winter market will slow down the sale volumes."

Compared to May, the median price fell $1500 (-1.2 per cent) with prices falling right across the region, but most notably in South Canterbury, West Coast and Rangiora.

"For the month of June, Timaru house prices fell from $297,263 in May 2014 to $284,000 in June and volumes sold fell from 54 to 44. The sale numbers are down and the median price has eased," he said.

However, compared to the same time last year, the median price increased by 8 per cent in Timaru and 13 per cent in Christchurch.

"Last year in June, the median price in Timaru was $263,500 compared with this year's $284,000."

McPherson said first home buyers were becoming more active in the market.

"The trend is swinging more towards a buyers' market with continuing good demand from investors. Vendor expectations remain stable, although offshore vendors appear to be more aggressive on price."

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- The Timaru Herald

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