Chch house values rise 'significantly'

Last updated 14:34 09/10/2013

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Christchurch's house values are ''significantly'' up, with the average value in the city now $438,800, valuation agency Quotable Value (QV) says.

Average values in the city have risen 10.8 per cent in the past year and are now almost 16 per cent higher than at the height of the last real estate boom in 2007.

QV valuer Daryl Taggart said the city's housing market had been strong for the second winter in a row, and that had continued into spring. Demand for homes has pushed up values by 2.2 per cent in the past three months.

Jonno Ingerson, research director for QV, said the Reserve Bank's new rules restricting low-deposit mortgage lending would cause continue to affect the market as first-time buyers scrambled for homes.

"This is likely to cause a short term flurry in activity as people rush to secure a property before their pre-approval expires,'' Ingerson said.

''What remains to be seen is whether the overall activity and price levels in the market are affected, particularly in areas with more affordable properties."

Real estate agents are reporting continued stiff competition for homes in and around Christchurch, with listings in short supply.

Harcourts chief executive Hayden Duncan said the affordability problem in Christchurch and Auckland could be solved only by faster home building as populations rose.

Changing lending rules would not fix the underlying shortage, he said.

''Construction simply has not kept up with demand. We need the Government to make the consent process easier and more attractive to developers to build in our two largest cities,'' he said.

The QV figures show that within Christchurch, values have risen most in the south and west, with an annual jump of 12.4 per cent. Values were also up strongly central, northern and hill suburbs, and in the Selwyn District.

Average values/annual percentage increase

Hurunui - $335,609, 6.5 per cent

Waimakariri - $390,081, 8.7 per cent

Christchurch - $438,805, 10.8 per cent

- East $331,375, 8.0 per cent

- Hills $620,082, 11.1 per cent

- Central and north $504,971, 11.6 per cent

- Southwest $410,677, 12.4 per cent

Selwyn - $476,122, 11.7 per cent

Ashburton - $306,004, 8.7 per cent

Timaru - $274,829, 7.0 per cent

Waimate - $191,687, 6.0 per cent

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- The Press


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