More houses, selling faster

LIZ MCDONALD
Last updated 05:00 13/08/2014

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Canterbury-Westland has experienced the highest house inflation in New Zealand over the past year.

July figures from the Real Estate Institute put the region's median sale price at $400,000, up more than 11 per cent from $360,000 a year ago, but down slightly from June.

A total of 841 homes sold in Canterbury-Westland in July, 9.6 per cent more than June and 2.6 per cent more than in July last year. Homes in the region sold the fastest in the country, in a median of 30 days.

Institute spokesman Tony McPherson said more houses were going up for sale.

"The number of listings is lifting after an extended period of shortages, with most vendors being realistic about prices," he said.

Christchurch city's July median price was $407,250, down slightly from June and 5.8 per cent higher than July 2013.

The institute said that while July prices were down slightly in a month, the overall price trend was still rising. Its price index for the city, comparing sales of homes of similar value, estimated Christchurch house inflation at 13.9 per cent for the past year.

The Auckland region had the second highest annual rise in house prices.

Nationally the market was slow, with sales down 13 per cent from July last year. The percentage of sales by auction fell from 20 per cent to 16 per cent.

Helen O'Sullivan, chief executive of the institute, said most of New Zealand's housing inflation was in Auckland and Canterbury.

MEDIAN PRICES

Auckland region $610,000

Wellington region $380,000

Marlborough-Nelson $355,000

West Coast $230,000

Nth Cant. country $402,500

Christchurch city $407,250

Mid-Canterbury $352,500

Timaru $297,500

South Canterbury $250,000

Central Otago Lakes $450,000

Otago $244,000

Southland $172,000

New Zealand $416,000

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- The Press

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