Housing market resisting national downturn

Timaru’s housing market is still humming away at a stable pace. Just 1.6% of properties resold at a loss in the first quarter of 2023, compared to their previous sale, according to the latest CoreLogic Pain and Gain report. Only three regions had a lower rate of sales at a loss, being Marlborough, Waimakariri and Horowhenua. Other regions were showing stronger signs of the property downturn, particularly Kaikōura, Grey District and Central Hawke’s Bay which all had more than 10% of resales at a loss, though the rates would have been affected by the low total number of sales in those regions.