All the rain in October certainly didn’t dampen the spirits of the local property market here in the Upper Clutha. October marked the fourth consecutive month where residential house sales exceeded the 40 mark, with a total of 41 sales recorded at a median price of $1,525,000.
This strong level of activity, combined with a quieter-than-usual spring for new listings, has continued to reduce stock levels across the region. As a result, we’re seeing more competitive situations, with multiple bidders, multi-offers, and increased clearance rates on the Auction floor. These are all positive signs of growing momentum.
Compared with October last year, the results are significantly stronger, with both sales volumes and the median price up by 17 percent. We’ve also noticed a lift in international enquiry following the recent foreign buyer exemption announcement. Overseas investors are eagerly awaiting the finer details so they can move ahead with purchases in the $5 million-plus category.
A total of 36 section sales rounded out the month, including several pre-title sales at Northlake, as well as a standout $2 million-plus land sale on Golf Course Road, proudly sold by Ray White.
If you have any questions about this latest market data or would like to know where your property sits in today’s market, please don’t hesitate to get in touch. We would be happy to help.
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