Christchurch property market quietens

LIZ MCDONALD
Last updated 13:03 04/09/2014

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Christchurch's house prices are still rising, but at a slower rate than last year as the city's real estate market quietens.

New figures from state-owned valuer Quotable Value put the average value of homes in the city last month at $462,086.

This was a rise of 1.1 per cent in three months and 5.9 per cent in the past year.

During 2013, inflation of house prices and values was at double-digit levels in the city and surrounding areas.

QV Valuer Daryl Taggart described the current market as ''quiet but steady, with relatively low activity''.

"There is still plenty of construction going on but no longer the same high level of demand as we have seen in recent times." 

Agents were no longer seeing multi-offer scenarios or buyers paying over the odds, Taggart said.

Fewer homes were selling at auction, and more homes were being passed in as people returned to traditional sales and pricing methods.

Within Christchurch, the biggest rise in average values has been in the south and west.

Chris Kennedy, from real estate group Harcourts, said sales in the city were down by nearly a quarter from last year, ''indicating a hesitancy that has been creeping into the market".

Agents were finding buyers cautious and not prepared to pay more than fair market value, he said. This meant sellers needed to consider readjusting their price expectations.

Listings were also down, with some owners reluctant to sell for fear of not being able to find something else, he said.

QV national spokesperson Andrea Rush said the market was quietening nationally, and increases in values had slowed in Auckland, Tauranga and Christchurch. Auckland's average house value rose by 11.4 per cent in 12 months.

Values in the provincial centres have been variable, with some increasing, some falling and some remaining flat.

AVERAGE VALUE AND ANNUAL INCREASE

- Christchurch, $462,086 (5.9 per cent)

- South and west, $443,648 (9 per cent)

- Central and north, $540,843 (7.4 per cent)

- East, $343,957 (3.1 per cent)

- Hills, $623,448 (2 per cent)

- Waimakariri, $405,124 (4.4 per cent)

- Selwyn, $505,405 (6.7 per cent)

Source: QV

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