Chch house values 20pc above peak

LIZ MCDONALD
Last updated 12:34 06/06/2014

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Christchurch's housing market has quietened since last year, and values are holding steady rather than rising.

Valuation agency Quotable Value (QV) said the city's average value during May was $456,962.

"Things in the Christchurch market are ticking along as they have for the last couple of months,'' said QV valuer Daryl Taggart.

''The market is a bit quiet but there is still a bit of activity, just not as much as this time last year.''

The agency put Christchurch values at the same level as the start of this year, and 7.6 per cent higher than 12 months ago. During 2013 values in the city were rising at an annual rate of over 10 per cent.

Christchurch home values are now 20 per cent higher than during the previous market peak in 2007.

Hayden Duncan, chief executive of real estate group Harcourts, said its Christchurch offices has had  ''a slight drop'' in the number of listings'' and prices were ''fairly constant''. Listings and sales were down in the provincial South Island, he said.

QV's report said that satellite areas outside of Christchurch were ''seeing a flow-on effect'' from house prices in the city which was not extending to areas further afield.

Selwyn district's  average house is now worth almost half a million dollars, rising 7.5 per cent in a year to $495,137 in May. Waimakariri's average value was $404,972, which was 7 per cent higher than a year ago.

The market in Banks Peninsula has also been quiet, with few sales recorded.
Ashburton house  values have increased 7.5 per cent in a year to $320,961 , while those in Timaru have risen 5.9 per cent to $281,665. Hurunui  district values rose 7.8 per cent to $341,134, while MacKenzie and Waimate both had a 4.3 per cent  increase in the 12-month period.

New Zealand's median house value of $471,791 is 8.2 per cent higher than in May 2013, or 6.6 per cent when adjusted for inflation.

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- The Press

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