Regional house prices rise

LIZ MCDONALD
Last updated 13:51 14/12/2013

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House prices are at record levels for the seventh time this year in Canterbury-Westland.

November sales figures from the Real Estate Institute put the median price for the region at $389,750, up 13 per cent in a year.

For Christchurch the median was $404,000, up 10.1 per cent.

The institute's Canterbury- Westland spokesman, Tony McPherson, said investors continued to be active in the market, particularly buying "as is where is" properties.

McPherson said the supply of homes on the market was rising slowly, due in part to owners having earthquake repairs completed.

Recent restrictions on low- deposit loans meant fewer first- home buyers were househunting, but there were plenty of people shifting in for the rebuild looking for homes, he said.

Homes sold in a median of 27 days across the region in November, compared with 24 days in October. The median section price was $158,500.

Median prices in other parts of Canterbury-Westland were: North Canterbury country $416,963, central Canterbury $519,000, Mid- Canterbury $293,500, Timaru $260,000, South Canterbury country $230,000, and West Coast $205,500.

Other regions including Auckland, Wellington, Waikato- Bay of Plenty also had record highs last month. The New Zealand median house price was $425,000, and almost 7000 homes sold in November nationwide.

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- © Fairfax NZ News

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