Housing price rise above average

Last updated 05:00 09/11/2012
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MYTCHALL BRANSGROVE/ Fairfax NZ

INCREASE: Timaru's housing market has increase by 7 per cent in the last 12 months since October 2011.

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Timaru's housing market is tracking just above the national average with a 7 per cent increase during the past 12 months.

Figures from Quotable Value (QV) show Timaru's average house sale price has grown by 6.9 per cent in the 12 months till October.

The average sale price for the past three months was $259,147. The average property value growth across New Zealand was up 5.7 per cent. The national average sale price is $420,048.

Nationwide values rose 1.9 per cent during the past three months.

Property is still below the peak in 2007, however. In Timaru the average value is still 2.6 per cent below the peaks seen five years ago.

Mackenzie houses have an average sale price of $262,111 - down 2.2 per cent on three months ago and up 1.4 per cent on 12 months ago.

Waimate fell 4.3 per cent in the three months till October ($178,141) and made a 2.8 per cent gain in the past 12 months.

QV research director Jonno Ingerson said property investors and first home buyers remained active in the market, encouraged by low interest rates.

"Although the nationwide increase in values is largely being driven by Auckland and Canterbury, there are some signs that other main centres and provincial towns are increasing in value also."

He said there had been a late spring surge in activity with both buyer inquiry and the number of sales having risen. However, a lack of listings was constraining the market, particularly in the main centres.

Ashburton has had a property value growth of 11.9 per cent in the same 12-month period, and an average sale price of $288,000 for the past three months.

Values in Christchurch have increased 5.9 per cent in the past 12 months to an average $397,797.

Christchurch now sits 3.8 per cent above the 2007 peak.

QV valuer Daryl Taggart said a number of larger new developments had been selling well with steady demand expected to continue in the garden city.

Eastern and hill suburbs remained flat as expected, with Selwyn and Waimakariri continuing to attract a lot of activity.

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- The Timaru Herald

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