$16.5 million in a week: Christchurch property market showing no signs of slowing down

It's been a crazy week of auctions in Christchurch. Photo / 123rf

Christchurch's real estate boom shows no signs of diminishing, with leading agent Ray White's Christchurch offices shifting 24 properties worth a combined value of more than $16.5 million last week.

Seventeen of the properties went under the hammer, with the remainder snapped up before the scheduled auction date.

"It was a crazy week of auctions with six properties called forward with pre-auction offers and outstanding results," said Ray White New Zealand South Island regional manager Jane Meyer.

She said internal auction data showed the auction day clearance rate in Christchurch last week was 82.8 per cent – a huge increase of 21.22 per cent year-on-year.

"The seller's market shows no sign of slowing down anytime soon so people thinking of coming to market still have time to take advantage of strong selling conditions," Meyer said.

"Open homes and on-site auctions are so busy now that we're seeing offices use things like a Mr Whippy ice-cream truck to keep visitors entertained and engaged.

"This week we go into the final auction week leading up to December 22 with 36 auctions still to be called in the run-up to Christmas."

Meanwhile, the Real Estate Institute of New Zealand revealed there were 1333 house sales throughout Canterbury in November, an increase of 31.7 per cent over the same month last year.

Starnews.co.nz