Buoyant in the South

The Mid and South Canterbury markets are underpinned by a strong agricultural sector, and increasingly tourism, particularly in Timaru, which is a stop off on the way to the popular tourist destinations of Central Otago.

And now that the impacts of a change in government and the threat of mycoplasma bovis are both dying down, the economy is strong, unemployment is at 2.3% – far lower than the national average, and the property market is buoyant.

However, it can’t be compared to the markets of larger cities that experienced a “boom” in the last cycle – rather it’s “steady as she goes” says Harcourts Timaru agent Julian Blanchard.

“Timaru tends to operate in a bubble in terms of real estate and the economy – so while the rest of the country seems to be booming and moving along at about 10-15% property growth, Timaru just sort of ticks along at 3-4%.”