ABBIE NAPIER
The real estate industry is predicting a surge in interest in Timaru property when Canterbury earthquake victims receive insurance payouts for damaged homes and land.
Director of Professionals Real Estate Timaru Carl Slade said people had been coming south to inquire about buying and renting property. “Most of them will have to wait a while for insurance payouts, but there are people sniffing around.”
It was difficult to predict the extent of the surge at this early stage, but he was confident the property market would grow in the next year.
“We will get interest in all areas of the market. There’s plenty of land around Timaru that could be developed.”
The Timaru market could handle a significant surge in interest. In the past year, property sales had dropped by a third compared to the previous 15 years of sales. There were 751 properties listed on Trade Me on Monday, indicating potential for purchase.
“If we get Christchurch buyers coming in, that will be great for the market.”
As a result, the market might be flooded with locals listing houses they had wanted to sell for years. Either prices would go through the roof or the new listings would help even out demand, keeping prices more moderate.
“It really is crystal ball territory.”
Timaru District Council district planner Peter Kloosterman said an increase in demand for land could galvanise property developers into action.
“If demand increases, then response would increase.”
Timaru had plenty of land with development consent, but no progress had been made in making it saleable for building.
“There is a pool of available land and it can be moved relatively quickly to fulfil demand.”
Timaru Mayor Janie Annear said the city had the capacity to cope with more residents. “We’ve got fantastic infrastructure and an amazing community, so I believe we can absorb an increase in population.”
Schools had reported room for more pupils at primary and secondary levels.
Businesses in the area had expressed their willingness to share premises with displaced Cantabrians and there were 42 businesses for sale on Trade Me.
Ms Annear said the development of industrial land at Washdyke would make the region more appealing.
– The Timaru Herald
reminds me of the mayor claiming all these christchurch businesses were planning to move to timaru, how many moved her mayor? none.