Christchurch - Current market?

[Afghan Monster]

Good Evening everyone.

I've been looking at purchasing a property in christchurch- Ilam/Fenalton/Riccarton area

It seems that the market is starting to go a little below RV in expectations.

Does anyone have any experience as of late?

Thanks

[Meehole]

Whatever you buy make sure that you get the complete file of the property and in particular any information that the insurance company can pass on.
Reason for this is that there is a property currently for sale that had foundation issues and the owners eventually sold as is where is.
The foundation has never been repaired but the new owner has come in and given it a complete refurb. It looks fantastic but still has a broken foundation and will not get reinsurance unless its repaired.
The owner has conned the agent, she was unaware as there was no disclosure by the vendor.
My advice is to buy new and make lowball offers.

[charlotte30]

What you need to ask for is a copy of the scope of Works that relates to EQC claim. This will give you an understanding of the work required. The insurance company will ask for this and ask for evidence of repairs. In the purchase agreement it is important to have the EQC claims assigned to you. This means that you can access all the information from EQC. Information is usually only avialable to the original claimant for EQC damage (Under the Privacy Act".) Insurance in Christchurch is complicated even if you keep the same insurance company with the property but new owners.

[Meehole]

When a property is over cap it goes to the insurance company to sort and the EQC scope of works is null and void. However as the insurance stays with the property it is easy enough for the insurance company to assess if all the damage has been repaired as per their scope of works. Given some of the shoddy repairs probably better to tread very carefully with EQC repaired homes.