City leading house-price boom

LOIS CAIRNS
Last updated 05:00 11/01/2013

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Property values in Christchurch are rising faster than in most other parts of the country as post-earthquake demand for undamaged houses drives prices up.

Figures released yesterday by property valuation company QV show that Christchurch property values last year rose by an average of 6.4 per cent on 2011.

The average value of a property in Christchurch is now $404,004.

Nationally, values rose by an average of 5.7 per cent.

"Looking back over 2012, the increase in national values was predominantly driven by Auckland and to a lesser extent Christchurch. These were also the only two areas to have consistently increased, while the rest of the country varied throughout the year," QV research director Jono Ingerson said.

QV's figures show that the average property value in Christchurch's eastern suburbs is now $312,228 (up 4.4 per cent), while in the southwest of the city, the average property value is $372,459 (up 8.4 per cent).

In the hill suburbs, the average house is now valued at $569,044 (up 7.1 per cent), while in the central city and northern suburbs, the average house value is $465,932 (up 6.8 per cent).

Banks Peninsula has jumped 4.4 per cent to $462,865.

Property values have jumped even more markedly in the districts around Christchurch.

In Waimakariri, Selwyn and Ashburton, value growth similar to Auckland's was recorded last year.

The average house value in the Waimakariri District now stands at $366,147, up 10.9 per cent from 2011.

In Selwyn, the average value is $441,251 (up 11.4 per cent), while in Ashburton the average price is $291,452 (up 11.4 per cent).

"Values in Christchurch and the surrounding areas are likely to keep growing as demand continues to outstrip supply," Ingerson said.

The average property value in Christchurch is now 5.4 per cent above that of the 2007 property market peak.

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- © Fairfax NZ News

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