Transaction activity strengthens as market starts to stabilise
The market is moving into a new business as usual state in Christchurch as the region moves on from a solely rebuild focus, with more properties changing hands and CBD rents flattening off.
- Annual visitor numbers increased by 0.2% compared to September 2017 figures, contrasting the national 0.3% decline
- Transaction volumes remain elevated with $204 million of property sold in the first half of 2018 (transactions $5+ million)
- Retail sales had a strong performance in the June quarter with a 4.5% increase compared to June 2017 figures
- Consenting volumes continue to decline, further cementing that the commercial rebuild market is winding down
- Vacancy has declined since 2017 with positive CBD stock absorption