Valuer warns of panic home buying

Friday 2 January 2004

Panic buying may cause the property market to overheat, a Christchurch valuer warns.

By The Landlord

Mark Shalders, a partner of valuation firm Bennett Partners Ltd, said prices had risen considerably in most areas of Christchurch over the past three months. He likened the prevailing mood to the period before the 1987 sharemarket crash.

"We are concerned about the sustainability of current price levels," Mr Shalders said.

"Firstly because in many areas an increase of 10 to 20 per cent has been experienced over a very short time-frame, which is unusual in the Christchurch property market, and secondly because of the motivation and decision-making process of many buyers in the market."

Many home buyers were adopting "a buy at any cost attitude" to property, Mr Shalders said.

Read More - Opens in a new window
Commenting is closed

Property News

Share your views on property investing

It's that time of the year where we run the NZ Property Investor's survey of investor. Take part and be in to win.

House Prices

Values pick up the pace

There’s a more upbeat feel to the property market and it’s obvious in this month’s QV data which has values firmly on the rise.

Commercial

Commercial disrupter proves popular

New commercial property disrupter, Jasper, has hit the ground running with their first investment offering achieving full subscription in just 36 hours.

Mortgages

LVRs kept on hold

The Reserve Bank has kept its LVR speed limits on hold amid fears low interest rates "could lead to a resurgence in higher-risk lending".

Site by PHP Developer