House prices static as loans rules bite

LIZ MCDONALD
Last updated 13:54 19/04/2014

Relevant offers

Your Property

Tenants win $620 after Queenstown landlord behaved 'very poorly' Christchurch's Sol Square fire deliberately lit Week's free rent to entice tenants as Christchurch rental rates fall Tougher rules for shipping containers and tiny homes in Christchurch Eighteen Stonewood Homes finished, 166 to go by September Historic Canterbury homestead for sale Queenstown to get its second retirement village Intensified housing development in Christchurch brings 'significant risk' to some areas, panel hears Architectural design awards showcase the best of Canterbury Meehans propose new 140-lot special housing area near Arrowtown

It's been a few months of ups, and some downs, for Christchurch house prices.

Median prices in the city, as tallied by the Real Estate Institute, are well up on a year ago but have been buffeted in the past six months. Market observers say the Reserve Bank's October clampdown on low-deposit loans, and its first moves last month to boost interest rates, have deterred some buyers.

House prices in Canterbury are at about the same level as they were at Christmas.

The March median price of $418,000 was slightly down from a February record of $420,400, and was nearly 9 per cent higher than a year ago.

Canterbury-Westland's median price was a record $411,000 last month, 11.7 per cent up on March last year.

Homes in the region are still the fastest selling in the country, changing hands in a median 27 days.

Agents are still reporting high demand, and say they could sell more stock if they had it.

The institute said the city's market could be settling after a period of steady inflation.

Valuation agency Quotable Value (QV) said this week values in Christchurch have fallen slightly since the start of the year, and averaged $457,744 in March, 11.1 per cent higher than a year ago.

QV described this as a levelling off since the summer, but expected more price growth ahead.

More sales were recorded in March than in February, but there were fewer than in March last year. The region's median section price was $178,500.

Other median house prices were: North Canterbury country $375,000, central Canterbury country $528,000, Mid-Canterbury $285,000, Timaru $285,000, South Canterbury country $222,500, West Coast $245,000.

Ad Feedback

- The Press

Comments

Special offers

Featured Promotions

Sponsored Content