Median house price falls 6pc

Last updated 12:26 12/02/2013

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Christchurch's median house price has fallen from its December all-time high, the Real Estate Institute says.

January sales figures show the median (mid-point) house price for the city was $356,800, down 6 per cent from a record $379,000 in December but still well up on the $337,444 recorded a year ago.

Institute director Tony McPherson described the Christchurch market as ''very active, particularly in the northern and western suburbs''.

''Listings continue to be a problem in the city, with spillover demand continuing to drive activity in surrounding areas such as Rolleston and Rangiora,'' he said.

McPherson said properties zoned technical category 3 (the most damage-prone technical category) were starting to sell to first-home buyers and investors.

The median January house price for Canterbury-Westland was $344,000, down 2 per cent from $351,000 in December and up from $325,000 in January 2012.

There were 634 sales in the region, up from 549 a year ago, and homes sold in a median of 33 days.

State-owned valuer Quotable Value said yesterday that house values in Christchurch had risen by 7.1 per cent in the past year as buyers compete for properties.

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- The Press


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