Prices up as supply of houses dries up

JACQUIE WEBBY
Last updated 05:00 20/01/2014

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Buyers looking for a house in Timaru are likely to be faced with a shortage of supply and lifting median prices.

Currently, there are only 177 houses being advertised for sale in Timaru and the median price is on the rise.

There were 51 recorded residential house sales in the Timaru market for December 2013, the highest number of sales for December since 51 were recorded in December 2007.

The median house price for Timaru jumped to $275,000 from $262,500, a lift of about 6.4 per cent, over the last 12 months.

Professionals/Fourways Real Estate director Carl Slade says the number of houses currently being offered for sale remains at much lower levels than usual.

"Until these stock levels rise considerably, we expect the upward pressure on prices to continue," he said.

"Based on the last three months average number of sales, currently, there is now only 3.4 month's supply of stock available for sale. We expect that until either stock levels increase or buyer demand drops (or both), the upward pressure on prices will continue."

For the last consecutive 12 months there have been 653 residential house sales, or an average of 54 per month, in Timaru. In the same period last year, 679 sales were recorded. Source: realestate.co.nz

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- © Fairfax NZ News

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