Christchurch house prices may pick up as city buyers enjoy most affordable market in more than a decade
By User Admin
A new report from property researcher CoreLogic suggests that after several years of flat prices, the city's housing market could start to turn.
"We are maybe seeing the first hints of a sense that things are starting to turn up again," CoreLogic research analyst Kelvin Davidson said.
"I'm detecting some anecdotal evidence that it could trend up. It stands to reason – prices have been flat for so long."
The latest home affordability report from interest.co.nz found Christchurch homes are at their most affordable since the research began in 2005.
It said an "average" young working couple would take four years to save a first home deposit. They would then need 20 per cent of their income to pay their mortgage, down from 22 per cent last year.
Anything under 40 per cent is considered affordable. The report attributed the improvement in affordability to house prices staying flat while incomes have increased a small amount and interest rates dropped slightly.