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Market Comment - January 2024

As we embark on the new year, let's take a closer look at the current real estate scenario. After a few days back at work, we've observed sustained high levels of inquiries for all our housing stock, with a steady stream of people attending viewings. Over the past 12 months, rents in Christchurch have consistently risen, reflecting the increased costs for property owners. Consequently, we're reviewing all rents to ensure they align with the market.

 

Notably, there has been a surge in walk-in inquiries from individuals who have recently arrived in Christchurch from overseas. Many of them lack a rental history and are urgently seeking accommodation. It appears that Christchurch has become an attractive option for newcomers to the country, and renters who find themselves priced out of larger city markets are turning southward.

 

Several factors contribute to this trend, including excellent schooling options, convenient access to amenities, and, of course, competitive property rental rates. If you're considering investment opportunities, it's crucial to carefully assess the price level. Certain property types are generating more interest, and it's important not to overspend. For instance, there's a tipping point where a two-bedroom townhouse may become as expensive as a standalone property. In such cases, opting for a standalone property might be a more prudent choice.

 

I'm available anytime to discuss which suburbs are experiencing sustained demand and which property types are consistently rented. Keep in mind that this year, it's advisable to consider longer tenancies whenever possible. Feel free to reach out for further insights and guidance.

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