Prices ease but houses still selling fast

LIZ MCDONALD
Last updated 05:00 23/02/2014

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House price inflation across Canterbury could be showing signs of slowing.

Prices jumped at the end of 2013, perhaps as buyers with pre-approved low-deposit loans scrambled to find homes before their finance expired, and prices are now back where they were in the spring.

The Real Estate Institute said the median (mid-point) house price in the region last month was $370,000, down from $395,000 the previous month and 7.6 per cent higher than a year earlier.

Figures show that homes in the region are still the fastest-selling in the country.

Median prices for Christchurch last month were 9.4 per cent up on a year ago.

Institute director Tony McPherson said fewer first-time buyers were househunting in the region, but investors were filling the gap.

Median January prices within Canterbury-Westland region were: North Canterbury country $392,000, central Canterbury country $491,250, Mid-Canterbury $297,000, Timaru district $244,250, South Canterbury $254,500, and West Coast $165,000.

The region's median section price in January was $171,000.

House prices elsewhere included the Auckland region at $569,000, Wellington region $375,000 and Nelson-Marlborough at $380,000.

The Central Otago lakes price was $427,000, Otago $260,000, and Southland $193,500.

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- © Fairfax NZ News

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