House-price variation huge

More than $750,000 separated the highest and lowest house sale prices in South Canterbury last year.

A 280 square metre Pages Rd property sold for $820,000, while a house on Orari Station Rd sold for $62,000.

The Pages Rd property sold for $120,000 over government valuation (GV) while the 40sqm Orari Station Rd house sold for $9000 under GV.

Three properties on the Geraldine Downs made it to the top 10 at 2, 3 and 8 on the list.

Waimate held its position at the lower end of sale prices with six in the lowest 10.

The new owner of the Pages Rd property declined to be interviewed when approached yesterday and the owners of the Orari house could not be contacted.

Timaru real estate director Carl Slade said in terms of residential house sales the Pages Rd property was "probably getting up there".

"Obviously that's the more modern area with the views."

Several new homes under construction had not been tested on the market, he said.

"If you actually look at the number of homes that have been built up there over the past 10 to 15 years ... very few of them have resold.

"There are plenty of properties being built that [would sell for] probably over a $1 million."

The Geraldine house market had always "held its own" price-wise.

"Often on the Downs you'll find they are quite modern homes."

Many were retired farmers with "old, rural money" that had sold and built a new home.

It was a different story at other locations, he said.

"If you looked at the majority of housing in Timaru it's older."

He said bargain-price houses like the one sold on Orari Station Rd were often purchased by people looking for a lifestyle block.

"Often it comes down to affordability."

He was surprised a house had sold at that price.

"What else can you get for that? Have a look at the market."

The cheapest houses that sold in New Zealand last year were in Taumarunui in the King Country, Bluff in Southland, and Murupara near Rotorua, each selling for $20,000.

The Timaru Herald