Selwyn house values outstrip Christchurch
House values in Christchurch have risen 11.4 per cent in the past year as demand for homes remains high.
The August figures, from state-owned valuer Quotable Valuer (QV), show a 2.7 per cent rise in the city's values over the past three months.
QV Valuer Daryl Taggart said buyers were looking out for good quality properties.
The organisation's research director, Jonno Ingerson, said the rapid increase in values in Canterbury was due to high demand from potential buyers, as well as a lack of supply.
The city's average house value is now $436,250.
Ingerson said the Reserve Bank's ''speed limits'' on low-interest lending would definitely limit first home buying.
While the new rules would have some dampening effect on values, ''we should still expect them to increase for some time yet," he said.
Values in the past year have risen 13.1 per cent in the south and west of Christchurch, 12.4 per cent in the centre and north, 10.1 per cent in the hill suburbs, and 9.5 per cent in the east.
Further out, values were up 9.4 to an average of $473,600 in Selwyn district, 8 per cent to $387,943 in Waimakariri, 6.1 per cent to $334,029 in Hurunui, 7.2 per cent to $303,698 in Ashburton, 7 per cent to $272,524 in Timaru, and 5.9 in the Mackenzie district to $282,835.
It was a different story on the West Coast, with values down by less than two per cent in the Westland, Grey and Buller districts to average $227,931, $217,733 and $223,580 respectively.
New Zealand's average house value is now $448,929, up 8.5 per cent in the past 12 months.
Ingerson said that while Auckland and Canterbury values were rising quickly, the other main cities were seeing limited growth and the markets in the provincial centres were variable.
- © Fairfax NZ News
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