Median house prices hit high
Christchurch's median house price has reached $400,000 for the first time after jumping more than 14 per cent in a year.
Sales figures from the Real Estate Institute show homes sold quickly last month as buyers rushed to beat new restrictions on low-deposit lending.
Canterbury buyers secured homes in a median (mid-point) of 26 days during September, the fastest in the country.
The region's median price was $375,000, which was 13.6 per cent higher than the previous September. The number of sales was up by a fifth on a year ago.
The record $400,000 price for Christchurch City was the fifth all-time high this year. The price is also almost 20 per cent higher than at the end of the last market boom in 2007.
Valuation agency Quotable Value last week put the city's average house value at $438,805.
Other parts of the region, including North and South Canterbury and the West Coast, have also seen a big jump in median prices in the past year.
The nationwide median price was also $400,000, with most of the country's price growth occuring in Canterbury-Westland and the Auckland region.
Institute director Tony McPherson said Canterbury sellers' price expectations were continuing to rise.
He noted that "as-is-where-is" damaged homes were becoming more popular with buyers. There were close to 160 auctions in the region last month, mostly in Christchurch City.
- © Fairfax NZ News
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