Housing market slows but values still rising

LIZ MCDONALD
Last updated 15:27 07/07/2014

Relevant offers

Your Property

Agent denies wrongdoing after West Auckland home sold three times in one day Christchurch housing market 'relatively flat' while Auckland tops $1m Canterbury tops housing consents per capita Tighter loans rules could force buyers to underground lenders Real estate agency marks 10 years in New Zealand with strategic expansion plan Queenstown developments rejected despite need for homes Christchurch the costliest city for home building Work to begin on Ravenswood development after sale abandoned Landlords angry over rental damage ruling Classic Mid-century Modern Christchurch house by Sir Miles Warren up for grabs

Christchurch's housing market has quietened slightly, but values are still rising.

Quotable Value (QV) said the city's  average house value in June was $459,617, up from $456,962 the previous month.  

The June figure was 7 per cent higher than a year ago.

QV valuer Daryl Taggart said rising mortgage interest rates were influencing buyers' decisions and making them more cautious.

"While the Christchurch property market has an appearance of quietening down, there is still plenty of sales activity." 

Taggart said properties were still selling at auction, but a higher percentage were being passed in so buyers could negotiate more favourable terms.

High rents were encouraging investors to buy, he said.

The QV report said the south and west of Christchurch has seen the largest rise in values with an 11 per cent increase in a year. 

Average values and annual increases across Canterbury were: Hurunui $340,551 (4.4%) Waimakariri $405,007 (7.1%) Selwyn $504,609 (8.8%), Ashburton $323,494 (7.3%) and Timaru $280,066 (4.7%).

In other South Island districts, they were: Tasman $410,318 (2.1%), Nelson $400,554 (1.7%), Marlborough $348,086 (1.4%), Buller $206,718 (down 6.6%), Grey $216,367 (0.8%), Westland $232,235 $1.9%, Waitaki $220,305 (1.0%), Central Otago $313,350 (4.2%), Queenstown Lakes $664,353 (4.3%), Dunedin $288,609 (1.1%), Southland $206,422 (down 1.2%), and Invercargill $211,625 (3.7%).

Ad Feedback

- The Press

Comments

Special offers

Featured Promotions

Sponsored Content