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Ignore speculation about Chch property prices

Property owners are being warned not to take too much notice over speculation around what will happen in the real estate market.

Tuesday, September 21st 2010, 12:00AM 2 Comments

by The Landlord

The Property Institute says a natural disaster can result in an array of speculation as to the impact of the earthquake on all areas of life including personal, business and the Canterbury economy.

"A much talked about area and a major concern for buyers, sellers and home owners is the impact upon the property market," the institute's Canterbury/Westland branch spokesperson Chris Stanley says.

"The Property Institute of New Zealand holds concern that non-factual comments having been made to the media, such as, property values in Canterbury are likely to plummet, do nothing for the stress levels of an already jittery public."

"Such comments are personal opinion and speculative," Stanley says.

It says the reality, whilst not always easy to accept, is that the Christchurch property market, like so many other sectors, is in uncharted waters and no one knows accurately how this will impact upon value levels. 

"The only certainty is that the market and those buyers and sellers therein will determine the impact on value levels.  This may however take many months to filter through."

Like all larger metropolitan areas, Christchurch is made up of many sub-markets and we are likely to see different trends and patterns emerge which dictate what areas, if any, have been impacted upon this event and those who have benefited. 

"It is highly unlikely however that the overall Christchurch property market will plummet."

Real estate activity has fallen in Christchurch since the earthquake and it likely to stay this way for some time.

The institute says it is now more important that ever to get good quality independent and local advice when either buying or selling a property or considering the impact of any damage.

« Momentum building in house market, according to ANZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Comments from our readers

On 21 September 2010 at 8:56 pm Jimmy said:
Unchartered waters? Do we know what happen to property prices after the Napier quake?
On 27 September 2010 at 3:03 pm john said:
great time to buy; next quake in 1600 years once these stop.
Commenting is closed

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
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Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

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