Average value for city house reaches $400,000

LIZ MCDONALD
Last updated 12:04 12/12/2012

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The average value* of a Christchurch house has hit a record $400,000, as demand continues to outstrip supply.

State-owned valuer Quotable Value (QV) says the city's average value has risen 6.3 per cent in the last year, and about 10 per cent since the earthquakes, to reach $400,496.

The Real Estate Institute (Reinz) reported this week that houses are selling faster in Canterbury-Westland than any other region nationwide, with a median of just 28 days from listing to sale.

QV valuer Daryl Taggart said the Christchurch market had become "more dynamic" in recent months, with buyers increasingly opting for more damaged parts of town to make their dollars go further.

Progress on earthquake repairs was revitalising the market in neighbourhoods such as Linwood and Woolston where damage to houses had previously stymied sales, he said.

"These areas, which haven't seen the same amount of growth over the last 12 months, are providing better value for money and less competition. We are seeing a lot more activity in those suburbs in the past two or three months, whereas there'd been very little in the past 18 months."

Good sales of vacant land had occurred, and on the west side of town property owners were subdividing sections to meet demand, he said.

Chris Kennedy of real estate group Harcourts said a shortage of listings for buyers still existed. More homes were going to auction, of which three-quarters were selling under the hammer, up from a third in pre-earthquake Christchurch.

Homes on less damaged TC1 and TC2 land were selling particularly well, but more damaged TC3 properties were harder to shift, Kennedy said.

The QV figures show the commuter districts are still leading the region's house inflation, as residents displaced by the earthquakes spread out.

Selwyn and Waimakariri recorded annual rises in values of 12.3 per cent and 11.8 per cent respectively, with Ashburton close behind at 11.3 per cent.

The average section price for Canterbury-Westland was $190,000.

Reinz recorded 901 house sales in the region last month, of which 559 were inside Christchurch and 342 outside.

House prices have been rising steadily since autumn last year. Within the city the highest prices for November were on the hill suburbs with a median of $612,000.

* The original version of this story referred to the average price of a house. This was incorrect. We apologise for the error and confusion caused.

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