Housing market slows but values still rising

03:31, Jul 07 2014

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.

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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%).

The Press