Selwyn property demand continues

Demand for property in the Selwyn District continues despite house sales being lower than for the corresponding year period last year, the latest economic monitoring report shows.

A total of 145 houses were sold in Selwyn during the June 2011 quarter, according to the Infometrics report. While the annual house sales decreased by 6.3% compared with the previous 12 months, demand in Selwyn was higher than in the Canterbury region (-31.7%) and New Zealand (-14.2%).

“Demand for property in Selwyn has been boosted by the displacement of Christchurch residents,” the report notes.

The average Selwyn District house price increased by 1.4% in the year to June 2011 to $380,700. This compared favourably with the Canterbury house price decrease of -0.5% and the national decrease of 0.9%.

Other interesting statistics included the hike in visitor demand, as measured by guest nights, up strongly to 18% over the year to June 2011; the number of cars registered in Selwyn increased by 11% in the year to June 2011 compared with the previous 12 month period; and non-residential consents were issued to the value of $27.2m during the June 1022 quarter.

The number of residents receiving unemployment benefits increased to 214 in June compared with 176 a year earlier. Selwyn’s unemployment rate rose to 3.4%, still lower than the unemployment rates for Canterbury (5.7%) and New Zealand (6.4%).

The full quarterly economic monitor for June 2011 is available on the Council website: www.selwyn.govt.nz – search for Quarterly Reports.

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