House sales on the up in Timaru after ‘slow start to the year’

Tuesday, 27 May 2025

The number of properties sold in Timaru has increased each month since the start of 2025.

The number of properties sold in Timaru is on the up after a slow start to the year, but there are reports of a decline in the number of inquiries from investors.

The Real Estate Institute of New Zealand’s property report for Timaru showed 59 properties had sold in April, with a median sale price of $495,000. They had taken a median of 58 days to sell.

In March, 57 properties were sold in Timaru, with a median sale price of $517,000.

In February, 42 homes sold, with a median price of $560,000, while in January 30 homes sold, with a median price of $520,000.

REINZ acting chief executive Rowan Dixon said owner-occupiers and first home buyers were the most active buyer groups in the wider Canterbury region, but there had been reports of a decline in investor inquiries in Timaru.

REINZ ambassador for Timaru Julian Blanchard said it was encouraging to see sales increase after a slow start to the year.

REINZ ambassador for Timaru, Julian Blanchard, said it had been encouraging to see sales start to climb after a “slow start to the year”.

“It was also pleasing to see a number of deals confirmed during the month, despite the Easter and Anzac Day holidays,” Blanchard said.

He said the median sale price, which remained close to $500,000, indicated the market was “relatively buoyant”.

In the wider Timaru District, 81 homes sold in April with a median sale price of $495,000. That was back slightly on March, when 83 homes sold, and up significantly on April 2024 which saw 68 sales.

REINZ acting chief executive Rowan Dixon said market sentiment remained largely unchanged from previous months.

In the Waimate District, 16 homes sold in April with a median price of $425,000. That was up on the 13 homes sold in March, which fetched a median price of $415,000.

Mackenzie District’s property market saw 13 homes sold in April, with a median price of $837,000. The was back on the month prior, with 15 homes and a median sale price of $825,000.

Dixon said the median price for the entire Canterbury region, which included South Canterbury, had increased by 4%, year-on-year, to $697,000.

He said market sentiment remained largely unchanged from previous months, with high levels of buyers meeting strong listing numbers.

“Most vendors were meeting market expectations regarding price. Attendance at open homes varied around the region, highly dependent on the property.

“Auction attendance and clearance rates under the hammer also varied, with mixed clearance rates reported in Christchurch.”

He said while conditions indicated a “happy medium at the moment”, agents have warned “it might not take much to tip the scales either way”.

“Local salespeople suggest that over the coming months it will be much the same, but are anticipating the usual seasonal dip over winter,” Dixon said.