South Canterbury property values rising
South Canterbury property values for July have increased, following the nationwide trend.
According to the latest monthly QV residential price movement index, the average current value of a home in the Timaru District is $281,282, an increase of 4.6 per cent over the past year.
The Waimate District showed an increase of 4.3 per cent and an average value of $195,046.
The Mackenzie District showed the largest change in the region, increasing 5.2 per cent, with the average current value of homes in that area now $280,627.
Nationwide, residential property values for July increased 7.6 per cent over the past year and 2.3 per cent over the past three months.
The values are now 15.6 per cent above the previous market peak of late 2007.
When adjusted for inflation the nationwide annual increase drops slightly to 5.9 per cent and values remain below the 2007 peak by 0.9 per cent.
QV national spokeswoman Andrea Rush said it is seeing a slowdown in the rate of value increases in many of the main centres, following on from the slowdown in sales volumes over the past few months.
Values in provincial centres are variable. While many are decreasing or flat, there are a number of areas where residential property values are rising.
In the South Island, residential property values in the Clutha District increased by 5.2 per cent over the past three months and 7.1 per cent year on year, while those in Central Otago were up 3.4 per cent over the past three months and 7 per cent year on year.
The Timaru Herald