Housing market will recover, quake residents told

10:25 am on 9 November 2010

Despite a slump in property sales after the Canterbury earthquake, the real estate industry is reassuring people the market will eventually recover.

Hundreds of people attended a seminar organised by real estate company Harcourts in the Christchurch Town Hall on Monday night.

Harcourts chief executive Hayden Duncan says the company's property sales in Christchurch dropped by about a third in the aftermath of the 7.1-magnitude quake on 4 September.

However, Mr Duncan expects that by the end of March the quake will no longer be affecting the market.

Demand is already increasing, he says, but people should seek professional advice before making any big decisions about property.

Registered valuer Mark Shalders warned those present the meeting there would be a stigma attached to Christchurch houses that could linger for about five years for those in the worst-affected areas.