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Christchurch housing 'hype' dying down

LIZ MCDONALD
Last updated 12:59 08/05/2014

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Buyers balking at over-priced homes are contributing to a levelling off in the Christchurch housing market.

Figures from valuation agency Quotable Value (QV) put the average value of a home in the city at $451,794.

This is down 1 per cent from three months ago but 7.9 per cent higher than a year ago.

QV Valuer Daryl Taggart said the market was ''flatter'' at the moment.

''While there is the usual activity, there doesn't seem to be the hype and fierce competition for property seen this time last year," he said.

"Some properties are on the market longer as vendors hold out for the right buyer, which could suggest there is a bit more choice in the market."

Taggart said the market had steadied although there was still some price growth, ''just not that rapid rise of early 2013''.

''In some areas, I would suggest that properties have increased very little in the last year, as there are not the buyers that are prepared to pay over the odds."

The highest average value was $604,697 for the hill suburbs, with $339,715 for the eastern suburbs, $532,043 for the central and north of the city, and $428,985 for the south and west.

The city's average value was almost 20 per cent higher than at the previous market peak in 2007.

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