Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Christchurch average prices rise over half a million

Please find attached March residential property market analysis for the Christchurch Metro area from New Zealand’s largest real estate group, Harcourts.


For the first time in history the average selling price for a residential property in Christchurch is over half a million dollars, sitting at $507,681. This is up 19% on the same time last year and has jumped by 2.7% from February’s high.


--

Christchurch Metro Overview:

For the first time in history the average selling price for a residential property in Christchurch is over half a million dollars, sitting at $507,681. This is up 19% on the same time last year and has jumped by 2.7% from February’s high.

Total listings are down by 16.5% and written sales are up by 13.7%, which indicates how competitive the residential market is. Demand for housing is outstripping supply.

Last month Reserve Bank Governor Graeme Wheeler increased the official cash rate to 2.75%, saying rising interest rates will have a moderating influence on the housing market.

This is unlikely to be the case in Christchurch, where our rapidly growing population will continue to push prices up.

The same can be said for the loan to value restrictions (LVR), which have failed to have an effect on prices in the city. The only outcome is it is now more difficult for first home buyers to enter the market.

Auctions continue to gain traction in Christchurch, with auction numbers up 4.7% on last year. Vendors are seeing the value in letting the market determine price, rather than fixing, when demand is so high.

Christchurch_MarketWatch_April_2014.pdf

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news