Sales volumes across Christchurch held broadly steady in the most recent month, according to the latest Real Estate Institute of New Zealand figures. The city's median sale price has tracked sideways for several months, in line with the wider South Island trend.

Agents said buyer interest remains strongest in established family suburbs such as Fendalton, Merivale, Halswell and Cashmere, and in central city townhouses and apartments that have come onto the market over the past two years.

First-home buyers continue to make up a significant share of activity, supported by KiwiSaver withdrawals and the relative affordability of Christchurch compared with Auckland and Wellington. Open home attendance has been described as consistent rather than frenzied.

Mortgage rate movements remain the most-watched variable. Several agents noted that even small reductions in advertised one and two-year fixed rates have translated into noticeably more enquiry within days.