Market update property prices to rise: NZ Mortgages

Christchurch’s property market is buzzing with activity. Nathan Miglani from NZ Mortgages shares his insights.

The office at NZ Mortgages is seeing the pre-winter rush with interest rates coming down and housing prices set to rise, Nathan says. As a result, people are acting now, particularly first-time homebuyers. With quality properties selling for under $650,000, the dream of homeownership is increasingly attainable. Nathan reminds us that securing a first home can be possible with as little as a 5% deposit, making it an appealing prospect for many.

The city’s outskirts are also thriving. North Canterbury offers an affordable entry into the housing market, while the Selwyn district continues to expand. Notably, Rolleston is experiencing steady growth, and Lincoln is set for a significant development, including 1600 new homes and enhanced public transport facilities. These expansions represent excellent opportunities for those seeking a lifestyle shift away from the urban centre.

Interestingly, while the expected active market range was between $750,000 and $1.2 million, current trends are shifting. Transactions between $1 million and $1.5 million are becoming more prevalent, as individuals rush to upgrade their living situations before potential price hikes. Popular areas include sought-after school zones and lifestyle blocks, underlining a robust buyer’s market, despite a lag in supply to meet the growing demand.

Moreover, the commercial sector is witnessing a surge in business sales. “Our office is actively facilitating deals for standalone shops and leases in key centres, assisting clients in embarking on new professional paths or taking bold steps into business management,” Nathan explains.

For anyone considering selling or buying, whether residential or commercial, now is an opportune time to explore your options. Contact the team at 0800 100 300 or visit the friendly advisers, who are ready to guide you through to secure you the best deal in the market.

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