Region's houses sell fastest in country

LIZ MCDONALD
Last updated 05:00 11/12/2012

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Homes are still selling in Canterbury-Westland faster than anywhere else in the country as buyers compete for properties.

New figures from the Real Estate Institute show houses in the region are selling in a median of 28 days, and prices are holding steady at record levels set earlier in the year.

Fifteen per cent more homes sold in November than in October, with notable increases in the West Coast, Mid-Canterbury and Timaru. There were 816 sales in the region, of which 470 were in Christchurch.

Median (mid-point) November prices were $345,000 for Canterbury-Westland, up 3 per cent from a year ago, and $367,000 for Christchurch, up 3.4 per cent. The biggest price rises for the year have been in Mid-Canterbury and Timaru. Timaru had the biggest annual rise in sales.

Listings website realestate.co.nz said the average Christchurch asking price on its site during November was 10 per cent higher than a year ago, but down slightly from October.

The website said the Canterbury housing market favoured sellers because despite a small rise in listings, stock was low compared with the number of house hunters.

Median November prices around the region included: North Canterbury $363,500, Central Canterbury $465,000, Mid-Canterbury $287,000, Timaru $239,000, South Canterbury country $215,000, and West Coast $190,000.

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- © Fairfax NZ News

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