Christchurch housing reaches new record
Christchurch's average house value has reached a record $461,176, after rising 6.5 per cent in the past year.
While prices and values in the city are still rising, the rate of growth is slowing, July data from state valuation agency Quotable Value (QV) shows.
A year ago housing inflation was in double figures as the city's property shortage fuelled demand.
QV Christchurch valuer Darryl Taggart described the current level of sales in Christchurch as ''normal'', and noted buyer demand was ''far from where we were 12 to 18 months ago''.
"There is no longer such a large shortage of supply as more homes have been repaired and more new homes have been completed and are coming to market," Taggart said.
He noted that the market for new houses was ''full steam ahead''.
The agency's data shows values in the city have risen 2.1 per cent in the past three months. The biggest increase in that period was for the city's hill suburbs, where values rose 4.4 per cent in three months.
Harcourts, Christchurch's biggest real estate agency, said the Christchurch metropolitan area had experienced ''a clear drop in the number of new listings and auctions''.
However Harcourts spokesman Chris Kennedy noted that sales number were up.
''This indicates, while demand remains high, sellers are hesitant about listing their homes for fear they will not be able to buy elsewhere."
The QV report said Auckland was now the country's hottest housing market, with values up 11.7 per cent in a year.
But price growth is slowing there too, with agents reporting a normal winter market for the first time in years, and some parts of the city seeing a dropoff in values.
Nationally the average value was $479,193.
"We are starting to see a slowdown in the rate of value increases in many of the main centres following on from the slowdown in sales volumes over the past few months." said QV's national spokeswoman, Andrea Rush.
AVERAGE HOUSE VALUES (AND ANNUAL RISE)
- Waimakariri $406,184 (6.4 per cent)
- Christchurch $461,176 (6.5% per cent)
- Christchurch east $345,208 (3.7 per cent)
- Christchurch hills $631,241 (3.7 per cent)
- Christchurch central and north $538,728 (7.7 per cent)
- Christchurch south and west $442,054 (10.3 per cent)
- Selwyn $505,602 (7.6 per cent)
- Ashburton $321,402 (6.6 per cent)
- Timaru $281,282 (4.6 per cent)