Christmas carols are now playing on the radio and fruit mince pies are being snapped up so the big day is definitely getting closer and I hope you are all well underway with your preparations to avoid the dreaded Christmas Eve shopping mall visit.
On the real estate front the last quarter of the year is bringing its traditional burst of activity, with Canterbury sales volumes and values at record levels. Canterbury saw a 28.7% increase in sales volumes in October, compared to the same time last year, representing an additional 217 homes sold. On top of this the Canterbury region saw a 3.3% increase in the median sale price to $465,000 in October – up from $450,000 at the same time last year.
So what does this mean going forward into 2019? The January/February period is traditionally when a lot of new stock enters the market, after a brief lull over the holiday season so buyers should be excited. Combine this with the loosening of LVRs for first time buyers and investors and we should see new and returning buyers entering the market which is also good news for sellers.
There had been speculation that the market would stall following the introduction of a “foreign buyers ban” and to be fair, Central Otago and some apartment developers in Auckland do seem to have noticed a downturn however we are largely insulated from the foreign buyer factor here in Christchurch as most purchasers are local or national rather than international.
With some schools already wrapped up for the year and Primary Schools not far behind, the next few weeks are likely to be hectic for families so make the most of the warmer weather and get out and enjoy the great outdoors (yes, I’m being optimistic that summer will actually make an appearance!). We are so lucky here in NZ that our traditional holiday activities are still affordable and attainable – even if you aren’t heading off to a bach or out on the water like some lucky folk, there is always your local beach, park or nature reserve which offer fun for all the family.
Wherever and however you plan to spend the holiday period I wish you the gift of fun and laughter with your loved ones. Take some time to smell the roses, enjoy some good food and recharge your batteries before we do it all again in 2019.
Monthly Mortgage News with Sue Clydesdale of Mortgage Express
"The Don" won the presidential election. Markets had suggested before the election that if that happened we could see interest rates (primarily long-term fixed) increase.
At this stage the market is still digesting the news and it's not panic stations although I have seen some banks offering slightly higher at 3, 4 & 5 years fixed. Interesting that even with the OCR drop on Thursday to 1.75% none of the banks have reduced even their variable rates.
I think that is in anticipation of rates moving up. If you want to look at fixing your own rates then happy to talk to you.
For further information please contact Sue Clydesdale at Mortgage Express on 0272 117 209 or freephone 0800 226 226.
I am so proud of my son Sam, who has now established his own plumbing and drainlaying business. If you or anyone you know needs the services of a plumber (and goodness knows, there is strong demand for them in our city at the moment) Sam & his team would be only too willing to assist you.
Brooklyn Services. We now have a full drainage service. If your drain is blocked or needs a repair we can be there straight away with all gear including drain camera. Remember do it right call day and night!