Price highs in rush for properties

20:33, Jan 19 2013

House prices in Christchurch and across the Canterbury- Westland region have set a record as buyers compete for properties.

Figures for December sales from the Real Estate Institute put the city's median house price at an all-time high of $379,000, up 9.5 per cent from $346,000 in December 2011.

Real estate agents say that with demand exceeding supply, they are seeing many cases of multi-offers on homes pushing up prices. Auction clearance rates have also risen.

Homes have been selling in a median of 27 days, the fastest in the country.

Buyers pushing outwards from the city have also contributed to a boost in the median house price for the Canterbury-Westland region, which at $351,000 was up 8 per cent from $325,000 a year earlier.

The past year has seen price rises of 15 per cent and 9 per cent respectively in South and Mid- Canterbury.

December saw 498 sales in the city and 799 in the region, both slightly up on the previous December.

The housing shortage has also pushed up Christchurch rents in the past year by between 7 and 21 per cent, depending on suburb, according to bond figures out this week from the Ministry of Business, Innovation and Employment.

Median December house price rises across the region according to the institute were: North Canterbury country $315,000, central Canterbury $449,000, Mid- Canterbury $277,500, Timaru $250,500, South Canterbury country $225,000, West Coast $220,000. The region's median section price was $155,000.


The Press