NORTH CANTERBURY MARKET

Demand for well maintained properties in the North Canterbury is strong, attracting well positioned buyers from outside the district. These buyers often see greater value in North Canterbury properties, that can’t be matched elsewhere. Lifestyle properties in particular are in high demand. Buyers from the north pushed the selling price of one recent property over $2,000,000, a remarkable $700,000 higher than when it last sold just 18 months ago.

Currently buyer activity is very good, particularly in the lifestyle market. These buyers generally have between $1,000,000 and $2,000,000 to spend. Winter is traditionally a quieter time, as some home owners choose not to bring their properties to the market, until spring. Even when the choice is limited, there are still buyers wanting to purchase.

There are 171 listings available in the Waimakariri and Hurunui districts, over a quarter of those are listed with Harcourts.

The Rangiora median sale price remained consistent over December/January, with a small 5% decline in February. This could be due to traditionally lower volume of activity over Christmas/New Year.

The median price in Kaiapoi has dropped slightly since February 2022, and now sits at $640,000. There are 75 listings in the region. That includes a number of spec homes in stages 5 and 6 in the Beachgrove subdivision. There are lots of buyers looking to buy in Kaiapoi but they can be slow putting pen to paper. Entry level properties are in most demand. Since September 2022, sales have dropped from 29, to 15 per month. In February this year, they’ve climbed back up to 24. We expect sales volume to continue upward, as interest rates flatten out.

Over the past few years, the most dramatic growth we have seen in the Hanmer Springs market has been the increase in the median value for sections.

It previously sat at $150,000 to $160,000 for around 15 years, but now sits at $460,000 (over the last 12 months). The median sale price for a residential dwelling in the village is now $818,000.

Traditionally there has been a high level of property available for sale in Hanmer. This has significantly reduced and remained low for the last 2 years, at present sitting around 40 properties available (this includes residential sections, dwellings and lifestyle properties). Currently we are experiencing very good buyer enquiry, however these buyers are slow in making a decision. I expect some will soon regret not moving quicker in making the call to buy.

Residential property sales in excess of the milliondollar mark are now commonplace, with no sign of prices easing in 2023. A recent sale at asking price in the Meadowburn subdivision (5/7 Keats Place selling in January for $1,150,000), is good evidence of this.

We have some very exciting projects and developments proposed for Hanmer Springs. Late in 2022, local developers secured a large farm on the outskirts of the village with the view to create a series of lakes adjoining residential and lifestyle options. While there is a lot of water yet to flow under the bridge (so to speak), they are working hard on the concept plans.

On the tourism front the Hurunui District Council is in the process of gaining approval for a “fly ride” off Conical Hill. Whilst there are not any guarantees it will be approved, if it does go ahead, it will be an exciting new attraction for the Village and will add to the already popular world class tourist attraction of the Thermal Pools and Spa.

In the commercial space, many existing businesses in the village have reported a very strong summer trading period. As there are a number of vacant