House prices hit another record high in Christchurch

This property at 246 Cannon Hill Crescent, Mt Pleasant, sold for $1.2 million. Photo: Ray White
This property at 246 Cannon Hill Crescent, Mt Pleasant, sold for $1.2 million. Photo: Ray White
House prices in Christchurch have hit another record high.

New data from the Real Estate Institute of New Zealand shows the median price in the city was $526,000 as of October.

That is up from $510,000 in August and $477,000 from the same time last year - a 10.3 per cent jump.

The median house price in September also hit a record high in Christchurch.

But there is no comparison to Auckland house prices, which were $1.2 million as of October, down 3.8 per cent on the month before but up 19.1 per cent from the same time last year.

The wider Auckland region also hit the $1 million nark, which is a 4.7 per cent increase from September.

The national median house price increased by 19.8 per cent from $605,000 in October 2019 to a new record median high of $725,000 in October this year.

The number of houses sold in Christchurch decreased by 3.2 per cent to 755 in the past month, compared to 520 for the same time last year.

REINZ chief executive Bindi Norwell said first home buyers are still very active in the Canterbury market.

"As are investors, however, with low levels of stock, options are low. Inventory is down eight weeks year-on-year to 10 weeks of available inventory.

"Listings are up 9.3 per cent from the same time last year, however, a lack of new builds is further increasing the pressure on the market."

 

 

 

 

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