Timaru District Quarterly economic monitor - March 2020

| Portal

House sales

Dashboard comparator:

Highlights for Timaru District

  • House sales in Timaru District in the year to March 2020 decreased by 5.5% compared with the previous year. Growth underperformed relative to New Zealand, where sales increased by 2.0%.
  • A total of 846 houses were sold in Timaru District in the 12 months ended March 2020. This compares with the ten year average of 874.

National overview

House sales across New Zealand fell by 12% in the year to March 2020. Sales picked up through the latter half of 2019 in response to cuts in interest rates, however this growth was unpicked by a soft month of March as the Level 4 lockdown began to bite.

We expect house sales to drop over the coming year, with limited numbers of buyers in the market due to the economic fallout from the COVID-19 pandemic. However, the forecast declines in house prices might entice some buyers into the market in the second half of 2021.