PHOTO: Whole subdivisions sprung up on Christchurch’s margins after the earthquakes.
Christchurch’s real estate market is nearing the end of another “slow but steady” year, leaving some in the industry to ponder an uncomfortable question: does the city have too many houses?
The latest statistics suggest supply is more than meeting demand. The average rateable value (RV) of Christchurch properties has barely moved over the last 24 months. The median house price in the city is rising, but negligibly so.
“Whether you’re talking to bankers or economists or real estate agents, they’re all just saying that we’re in a slow steady period of no growth and that’s what we’re seeing out there,” Quotable Value valuer Hamish Collins said.
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