West Melton
Nathan Najib | Market Report
Market Commentary
New Zealand's housing market has experienced a pullback in prices this year, driven by economic challenges as the country works to make housing more affordable. Inflation is now at a good level, signaling potential relief in everyday expenses, while the OCR has eased to 4.75%, bringing some reduction in interest rates. This shift hints at a more stable environment for buyers and sellers moving forward.
Over the last six months, West Melton’s median house selling price reached $1,210,000, reflecting a 6.6% decrease compared to the previous 6 months. More properties have been sold in 2024 this year than the entirety of 2023, while the median days on market have increased by 24% to 58 days.
With listings across New Zealand are up by 20% year-on-year, this trend is partly due to homeowners facing the end of their fixedterm mortgages and adjusting to the reality of higher interest rates. Consequently, more properties are being put up for sale as people reassess their financial situations.
West Melton experienced remarkable growth in recent years, with median house prices rising by 31.69% in 2021 and another 10.38% in 2022, hitting the market peak. However, in 2023, prices declined by 3.37%, reflecting the market’s gradual correction. As we move toward the end of 2024, we expect this trend to continue, with further declines anticipated as the economy stabilises.
Inflation has now dropped to 2.2%, down significantly from 7.3% in Q2 2022. This easing inflation rate is set to positively affect everyday prices for essentials like groceries and fuel, gradually alleviating the cost-ofliving pressures.
However, due to the governments focus on inflation control, we are witnessing an increase in unemployment, which could force some homeowners who lost their jobs to consider selling their properties.
Despite hopes of a quick recovery post-recession, the reality is that the market will only improve once the broader economy stabilises. For house prices to rise, we need to see greater affordability, a reduction in the cost of living, and improvements in household earnings and savings. While interest rates are dropping, we’re not yet in a position to see an immediate bounce back in the market.
Currently, we are in a buyer’s market, with lower interest rates and an increased supply of homes available. Sellers, however, should note that we project the market to reach its bottom in 2025. If you’re considering selling, now may be a more opportune time, given that prices are holding relatively steady. It’s crucial to be realistic about the prices you can achieve, as properties are selling at or below their RV.
When selling, it’s essential to market your property with a realistic price guide. Homes priced too high or lacking a price guide often sit on the market longer, which can lead to them eventually selling for below their market value. To achieve the best possible price and reduce time on the market, aim for a price that aligns with current market expectations.
The Selwyn region is likely to experience another 3 to 6 months of price declines, followed by a recalibration period of up to 24 months. Only then can we anticipate steady annual growth of 2-4%. Remember to conduct your own research and avoid relying solely on mainstream media for information. Should you need any real estate advice, feel free to reach out. As your area specialist, I’m always here to help.
Nathan Najib
A little about Nathan Najib
Nathan is proud of the life he has created. Unsurprisingly to those that know him, he is living his desire to change the world of real estate from something it should never have been, to something that supports the community and helps others move forward.
Starting out in the real estate business at 19, by 23 Nathan was recognised as being one of the best in the industry, an up and coming force to be watched and emulated. However, he felt there was something fundamentally wrong with the industry and wanted to make a difference. Not many people are brave enough to say, “enough is enough” and then do something about it, but Nathan did just that. He decided to create and build his own vision.
A breath of fresh air in the industry, Najib Real Estate is founded on simplicity, transparency, and excellence, with three unbreakable rules forming the bedrock of this company:
• Do what is right and avoid what is wrong
• Do everything to the best of your abilities
• Show people you care
Nathan’s vision was to create the most people-focussed real estate company on earth. Often real estate is associated with low standards, but Najib Real Estate holds close the philosophy that “The interest of the client always comes first.”
Success at Najib Real Estate means treating people well, building long lasting relationships, and making the process as simple and transparent as possible. We go above and beyond, and provide an excellent experience that keeps clients coming back time and time again, and they are happy to recommend our agency to others they know.
Our promise is to continually strive to build a unique, contemporary, and innovative agency, that takes the best of both traditional methods and the latest innovative technologies and management systems.
West Melton Breakdown in the last 6 months
Residential Sales
$1,210,000
40 Properties Changed Hands
58
61 Iris Taylor Avenue
Sold by Nathan Najib for $1,042,000
August 2024
“Nathan is always popping in to see us. He did a superb job of selling our home so was easy to go back to him”
Neil & Viv (Vendors)
70 Rotherham Drive
Sold by Nathan Najib for $1,090,000
June 2024
"Najib Real Estate have an extensive knowledge of the West Melton area and local housing market. Team Najib communicated often with feedback and kept us informed via their Customer Portal post Open Homes. We knew what potential buyers were thinking and if there were any serious purchasers that had come from each viewing. The support team at Najib (Renee in particular) were amazing at keeping in contact throughout the sale period and we thank them for making our house selling a stress free experience. Thank you Najib Real Estate for helping us move on to our next chapter"
Mike (Vendors)
84 Rossington Drive
Sold by Nathan Najib for $1,037,000
May 2024
"A huge thankyou to Nathan and his team. Always polite and pleasant and kept us up to date with progress. You made the sale of our home much less stressful. John and I are now happily settling in to our new home"
Sue & John (Vendors)
2 Silver Peaks Drive
Sold by Nathan Najib for $1,750,000
February 2024
A very pleasing and satisfying experience. Nathan Najib and his team worked diligently to achieve the result we wanted. Nathan was always punctual and pleasant to deal with and all communication was concise, accurate, and timely. Our home was presented in the best possible way to create as much interest as possible and we were kept informed every step of the way. The Najib team were all pleasant and friendly, and totally professional, with the knowledge, and feel for the market, necessary to provide good advice when it was needed. We would not hesitate to highly recommend Najib Real Estate."
John & Yvonne (Vendors)
Top Residential Sales in West Melton
West Melton Monthly Median House Sale Price
West Melton Number of Houses Sold Monthly
Lifestyle Property Sales in West Melton
West Melton House Sales
West Melton Annual Sales Data
Residential House and Section Sales
Start with a strategy, end with a sale.
The market has changed.
It’s not good enough to install a signboard, conduct 2 or 3 property viewings, hand out flyers, and hope you can eventually sell a home for a reasonable price.
Those days are gone.
Today you need an agency that has a strategical approach in order to achieve a premium price. At Najib we are proud to say we have perfected the selling process from start to finish.
We don’t just sell homes, we maximise the value of your property each and every time.
Book your free property appraisal with Sha: najibrealestate.co.nz/Sell/Free-Property-Appraisal/
Najib Property Management
We manage properties all across Christchurch and Selwyn, providing the highest level of service to our landlords and tenants.
We know that the key to a successful investment is having great tenants who look after the property to a high standard and pay their rent on time.
Our passionate and proactive team focus on achieving optimum results. Najib prides itself on reading the market's ebbs and flows to ensure your property always attracts its maximum rental value, with minimal vacancy times.
With our finely-tuned documentation processes and a sound understanding of legislation front of mind, we leave fewer things for you to worry about. This brings you one step closer to securing a profitable future with a steady investment return.
If you would like to find out more about property management with Najib, please take a moment to touch base.
Get 3 Months Free Management: bit.ly/property-managment-christchurch
Najib West Melton Sales Team
Nathan Najib West Melton Specialist
m 027 514 0775
@ nathan@najibre.co.nz
Renee Young Sales Associate
m 021 701 308 @ reneeyoung@najibre.co.nz
Mandy Herman Sales Support
m 03 326 7914 @ mandyherman@najibre.co.nz
George Simpson Operations Manager
m 021 593 882 @ georgesimpson@najibre.co.nz
Santiagio Laudadio Videographer
m 03 326 7914 @ santiagolaudadio@najibre.co.nz
At Najib, our agents know the importance of specialising in an area when it comes to selling real estate. Nathan Najib has been specialising in West Melton for the past 8 years, and in 2023 and 2024 we were recognised as West Melton Agency of the Year.
This is a huge privilege for us as we know that these awards celebrate the top-performing agencies, with reviews provided solely from the consumers.
We would love to thank all our clients and customers for being a part of Najib Real Estate, and for the wonderful reviews you have provided.
Real Advice Nathan Najib
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Specialising in West Melton
m 027 514 0775
@ nathan@najibre.co.nz
116 Peterborough Street
Christchurch Central 8013
najibrealestate.co.nz
Nathan Najib