Properties still selling in difficult times

Activity in Christchurch’ s residential property market is finally beginning to lift – following
the massive upheaval caused as a result of the September 4 earthquake.

Bayleys Canterbury residential sales manager Karen Phillips said that there had been a
noticeable lift in the number of prospective residential property buyers coming through most
of the open homes run by the company.

“ The first three weeks after the earthquake were particularly unsettling – as evidenced by the
latest monthly statistics from Quotable Value which made a special deviation to its statistical
calculations as a result of the earthquake,” Ms Phillips said.

“ Despite this Bayleys did however successfully conclude transactions in September. Only
four of the residential auctions booked in for September were withdrawn as a result of
earthquake damage to the premises, and all sale and purchase agreements due for settlement
in September proceeded according to schedule.

“ Of the auctions which proceeded, there was strong interest across the board – with multiple
bidders in the auction rooms showing that despite what had gone on, demand for quality
property was still out there.

“ Four of the auctions we ran had phone bidders from out of the region – one from Germany,
one from Australia, two from Wellington and one from Auckland.”

Ms Phillips said that Bayleys had notched up a 53 percent auction success rate on
Christchurch residential homes for the month of September.

“ People want to return to normality and that is accelerating as time progresses. There is
still the underlying demands which support the residential property market – such as people
looking to buy their first home, those whose families are expanding, or for families relocating
to Christchurch,” she said.

Meanwhile in North Canterbury, residential and lifestyle enquiry levels have started to lift,
especially in the past week, said Bayleys salesperson Mark Pringle from the company’ s
Rangiora branch.

“ We are still getting enquiries from off-shore buyers - including a number of South African
and UK immigrants,” Mr Pringle said.