Christchurch house prices continue to rise as most others slow

Asia's Tech News Daily

Christchurch house prices continue to rise as most others slow

Eighteen suburbs in Christchurch now have an average house price of $1 million or more, double the number from 12 months ago.

According to the latest OneRoof-Valocity House Index, the average property value for all of New Zealand jumped 5 per cent to $1.021 million in the past three months.

The growth rate is smaller than the 6.1 per cent seen in the previous three-month period, and suggests that prices are starting to ease nationwide.

But in Canterbury, house prices are continuing to skyrocket.

OneRoof editor Owen Vaughan said the region is unlike others around the country, which are starting to show signs of fatigue.

Figures from the OneRoof Index show Canterbury’s average property value rose 29.8 per cent ($163,000) in the year to October 1, well above the nationwide annual growth rate of 26.6 per cent.

Its average property value has risen 8.2 per cent in the past three months, compared to growth of 7.4 per cent in the previous three months.

The Selwyn District is up 9.9 per cent over the last three months to $890,000 and Christchurch city is up 8.8 per cent to $718,000. They are the region’s hottest housing markets.

A year ago, just nine Christchurch suburbs had an average property value of more than $1m. Now there are 18 suburbs in the $1m club.

They are Fendalton, Kennedy’s Bush, Redcliffs, Scarborough, Sumner, Teddington, Allandale, Lansdowne, Prebbleton, West Melton, Bottle Lake, Clifton, Coutts Island, McLeans Island, Merivale, Ouruhia, Richmond Hill and Strowan.

Vaughan said the heat in Christchurch’s housing market is having a big impact on prices, which had long been static.

A year ago, the average property value was $591,000, up just $59,000 on the year before.

New mortgage registrations by first home buyers in Christchurch over the last quarter was 43.5 per cent – the highest amongst all South Island cities.

The gain over the past 12 months, however, has added an extra $160,000 on the price of a typical house in the city – $58,000 of which has been in the last three months.

For first home buyers, that has pushed a 20 per cent deposit requirement up to $150,200. An increase of $32,000 on last year’s figure.

Christchurch’s most expensive suburb is also its hottest. Fendalton’s average house price grew 11.3 per cent in the last three months to $1.659m – a gain of $169,000, more than the average gain for all of Christchurch in the last year.

The city’s affordable housing market has also changed, Vaughan said.

In September last year, there were 41 suburbs that had an average property value of less than $500,000, now there are just 18.

Bexley is the city’s cheapest suburb, with an average property value of $319,000. Birdlings Flat, to the south of the city, has the lowest average property value in Canterbury at $313,000.

Vaughan said the region’s relatively affordable prices are fuelling demand, with first home buyers by far the biggest buying group.

They accounted for 40.4 per cent of all registrations in the three months to October 1.

Investors’ share of the market has declined over the same period – from 24 per cent in the first quarter of the year to 23.7 per cent in the third quarter.

Read the full OneRoof property report here.

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