House prices hit another record

LIZ MCDONALD
Last updated 10:10 16/11/2013

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It's been the same story all year.

Canterbury house prices are still rising, listings are in short supply, and homes are selling faster than in any other region.

The latest statistics from the Real Estate Institute continue the trend.

They show Canterbury- Westland's median price house price for October hit a record for the sixth time in a year and sales were up.

This was despite the Reserve Bank's October 1 move to cool the housing market by restricting how much the main banks could lend out in low-deposit mortgages.

Institute chief executive Helen O'Sullivan says while there has been "heightened uncertainty"across the country about the impact of the changes, the full effect on prices may not show up for months.

Agents around Canterbury say there may have been some drop- off in the number of first home buyers out house-hunting this month, but there is still strong demand from others including investors and inbound migrants who may have been renting a while. The median house price for Canterbury-Westland was $380,000, up over 10 per cent from $343,000 a year earlier, according to the institute. While the median price for the city fell slightly from September to $395,500 in October, the institute's house price index, comparing sales of similar properties, put house inflation at almost 1 per cent for the month and 10.8 per cent for the year.

Within Christchurch, homes sold fastest in the outer western and south-western suburbs, and took longest to sell around Lyttelton harbour. Median house prices outside Christchurch were: North Canterbury country $401,000, central Canterbury country $492,500, Mid-Canterbury $285,000, Timaru $239,500, South Canterbury country $209,500, West Coast $207,500. The median section price in the region was $187,500.

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- © Fairfax NZ News

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