So you want to sell your townhouse…
The coverage on the townhouse "oversupply" has been remarkably polite about it. It's not a slowdown. It's a correction, and a lot of people got caught on the wrong side of it. One in four homes in Christchurch is now a townhouse. Highest ratio in the country, built off around 21,000 consents issued over the last 20…
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The coverage on the townhouse "oversupply" has been remarkably polite about it. It's not a slowdown. It's a correction, and a lot of people got caught on the wrong side of it. One in four homes in Christchurch is now a townhouse. Highest ratio in the country, built off around 21,000 consents issued over the last 20 years. In March, 79 percent of every residential consent issued in this city was for a multi-unit development.
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If you bought at the peak in 2021-22, you've watched roughly $100,000 come off your townhouse's value since. I get asked to appraise these places constantly, almost always by someone who bought at the top of the market. Four or five near-identical units on offer. No bidding wars. Offer the advertised price, wait for it to be built, done. At the time, it felt like the smart move. A lot of these owners are investors, and plenty bought on the strength of a rental guarantee the developer threw in. That guarantee was never free money.
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