Property owners are being warned not to take too much notice over speculation around what will happen in the real estate market.
The Property Institute says a natural disaster can result in an array of speculation as to the impact of the earthquake on all areas of life including personal, business and the Canterbury economy.
"A much talked about area and a major concern for buyers, sellers and home owners is the impact upon the property market," the institute's Canterbury/Westland branch spokesperson Chris Stanley says.
"The Property Institute of New Zealand holds concern that non-factual comments having been made to the media, such as, property values in Canterbury are likely to plummet, do nothing for the stress levels of an already jittery public."
"Such comments are personal opinion and speculative," Stanley says.
It says the reality, whilst not always easy to accept, is that the Christchurch property market, like so many other sectors, is in uncharted waters and no one knows accurately how this will impact upon value levels.
"The only certainty is that the market and those buyers and sellers therein will determine the impact on value levels. This may however take many months to filter through."
Like all larger metropolitan areas, Christchurch is made up of many sub-markets and we are likely to see different trends and patterns emerge which dictate what areas, if any, have been impacted upon this event and those who have benefited.
"It is highly unlikely however that the overall Christchurch property market will plummet."
Real estate activity has fallen in Christchurch since the earthquake and it likely to stay this way for some time.
The institute says it is now more important that ever to get good quality independent and local advice when either buying or selling a property or considering the impact of any damage.
Source: Landlords.co.nzcomments powered by Disqus