Buyer’s market – prices ease, property listings jump

FOR SALE: Ray White licensee agent and business owner Brendan 'Big Red' Shefford outside a property in Navy Loop, Rolleston, which is one of the most sought after areas in Canterbury.

It’s a buyer’s market for properties in Selwyn.

Information released by realestate.co.nz also shows Rolleston is one of the most sought after areas in Canterbury

It rates the fifth most sought after area behind Fendalton, Rangiora, Christchurch’s central city and Cashmere.

A big climb in new listings and a drop in asking prices are making the market more attractive to buyers, realestate.co.nz says.

Rolleston’s Ray White licensee agent and business owner Brendan ‘Big Red’ Shefford said prices “have eased” as there’s more supply and buyers have a “good selection.”

Mr Shefford said there are many contributing factors to Rolleston’s popularity.

He said Rolleston “is the heart of Selwyn” and it has a variety of schools on offer as well as other facilities, employment opportunities and the development of the Christchurch Southern Motorway.

“It’s a wonderful opportunity to be a buyer in the market at the moment with what’s in stock,” Mr Shefford said.

The median sale price in Rolleston from July to September was $545,000.

Realestate.co.nz spokeswoman Vanessa Taylor said Cantabrians remain the biggest searchers for property within the region.

“They’re followed by property seekers from the Auckland, Otago and Wellington regions,” she said.

When it comes to Selwyn, Mr Shefford said “a good percentage of them are moving within Canterbury.”

“Then you’ve got the natural Auckland movement that filtered throughout the country. You have people moving to Rolleston as a result of the Auckland movement but not necessarily someone buying from Auckland,” he said.

Mr Shefford said first home buyers and people using KiwiSaver are becoming “more and more common” in Selwyn’s market.

It comes as Selwyn property owners are expecting to receive a letter with an updated property valuation in about a week.

Quotable Value carried out the revaluation on behalf of the district council and it showed there has been a 6.7 per cent average increase in capital values in Selwyn since 2015.

The valuations are an estimate of the likely price that would have been paid for the property on July 1 of this year.

Mr Shefford believes the average increase is down to “natural growth” with “everything going up over time.”

Residential property values rose by an average of 3.8 per cent between July 2015 and July 2018, with lifestyle properties increasing by an average of 8.4 per cent.

Property value changes varied across the largest towns – with average values increasing by 4.1 per cent in Rolleston, 1.1 per cent in Lincoln, 2.4 per cent in Prebbleton and 0.4 per cent in Darfield.

Other townships showed similar increases with Leeston increasing 5.1 per cent, West Melton 3.8 per cent, Tai Tapu 6.2 per cent and Southbridge showing a slight decrease at minus 0.3 per cent. Residential values in the rural areas of Malvern increased by 7.6 per cent and Ellesmere 3.3 per cent.

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