Market Comment - June 2023

🏡 Some positive news for Christchurch! 📈🌟

Christchurch continues to experience significant population growth, which has had a positive impact on the local housing market, especially during the winter season. According to Statistics NZ's projections for population growth in New Zealand's local authorities until 2048, Selwyn and Waimakariri areas are set to see impressive growth rates. Selwyn is projected to grow by 47%, Waimakariri by 25%, and Christchurch City by 15%. This growth is expected to have a significant effect on property values and the rental market. Compared to other towns and cities in the country, Christchurch is showing promising levels of growth.

🏘️ Wondering which properties are currently popular? 🤔

The most sought-after properties are four-bedroom homes with two bathrooms, with rental prices ranging between $600.00 and $650.00 per week. However, once the rental rates go above this range, the level of interest tends to decrease. Three and two-bedroom properties with garages are also in high demand. Interestingly, there seems to be a bit of competition in the two-bedroom market, with competitive rental rates becoming more common. While the number of properties rented this month has decreased from the peak in April, this is expected during the winter period. Additionally, there has been an increase in tenancy break numbers compared to last year, and our property managers have noticed some internal tenant movement. It will be intriguing to see how the next few months unfold, especially with the upcoming election.