SELWYN MARKET

The ever popular Selwyn had an up and down summer quarter – its medium sales price was $790,000 in November, rising to $830,000 in December, then dropping at the start of the year, and sitting on $800,000 in February. This is consistent with a flattening of prices over the last year, and prices now sitting at a 10% drop on the previous summer.

The most active segment in the Selwyn market seems to be 3 bedroom homes in Rolleston, and 4 bedroom homes in Lincoln and Prebbleton.

Lincoln and Rolleston have seen a large jump in listings coming to market during January and February. There is strong competition in the 4 bedroom 2 bathroom space in Lincoln in particular. Over half of 127 properties for sale are of this size, creating strong competition. In Prebbleton, two thirds of the 37 homes for sale, are 4 bedrooms. Rolleston’s growth continues to rocket, with over 300 listings for buyers to choose from.

Buyers from the North Island continue to shop in the Selwyn district. Our team has seen an increase in buyers showing interest from Auckland and Wellington, along with enquiries from other North Island towns. A digital marketing focus on the big cities up north appears to give Harcourts an advantage.

Forty homes were sold in Selwyn in January, rising to 73 in February. This is typical for this time of the year with January often a slow month simply because buyers, vendors and agents are on holiday. The median number of days to sell was 69. There’s no better time than now to buy a newbuild investment property in Selwyn. There are terrific deals on offer as some building companies are struggling to move their stock, and get onto their next project. Harcourts has a number of new house and land packages coming to the market in Rolleston in the next 2 months, so get in touch if you’d like to get in before the rush! The return on investment on these looks good, and there is still solid demand for rentals in Selwyn.

The REINZ data for Christchurch in February tells us the median sale price achieved by all companies was $675,000 Harcourts data tells us we achieved a median sale price of $722,500. That’s a $47,500 difference!