Small Canterbury township becomes hot spot for real estate

File photo
File photo
It has been named as one of the 20 fastest moving property "suburbs" in New Zealand over the past year — and it only has a population of about 3000.

Springston, a small township in Selwyn, has featured on property data and analytic provider CoreLogic's list of the fastest moving suburbs in the country for the past year.

Harcourts Lincoln principal officer James Twiss said if the large amount of buying and selling continues, Springston could become the place to be.

“Springston township could definitely be the next big thing. Being almost perfectly halfway between Rolleston and Lincoln makes it a very good location,” he said.

Kumeu, Hobsonville, Whenuapai and Silverdale in Auckland topped the list with Pokeno in Waikato.

The list was based on the property turnover rate in the areas, which is the number of sales as a percentage of the total housing stock.

Mr Twiss said houses in Springston have been selling quicker than normal. But he said there is more demand than supply, which is representative of the housing market everywhere right now.

Springston’s turnover rate was 9.1 per cent for the last year.

Springston Hotel owner Joanne Chapman has noticed an increase in patronage over the last 12 months.

“Especially in our restaurant side there seems to be more customers and new people too that we haven’t seen before,” she said.

Mr Twiss said house prices play a big part in Springston’s property turnover and attracts more people to the area.

“In the last year we can see prices haven’t necessarily lifted in Springston but the amount of buying and selling has,” he said.

“People are thinking well, I could go to Lincoln and pay an average price of around $600,000 or go to Rolleston and pay in the mid-$500,000s or go to Springston and be close to both of those hubs yet not have to pay the same amount for property.”

The median house price in Lincoln is $608,000 and $550,000 in Rolleston, but its is $530,000 in Springston.

The CoreLogic figures show the median house price in Springston decreased over the past year.

Real estate activity in Springston should continue to be strong, Mr Twiss said.

“People are going to start understanding that it has a lot of potential and pretty soon they’ll see it is a great spot to be.”

The issue is the amount of available housing may limit the township’s growth, he said.

“There isn’t a lot of stock out there but we do know new developments do very well in Springston so we will just have to wait and see.”

•Kumeu, Auckland, 14.7 per cent

• Hobsonville, Auckland, 12.7 per cent

•Pokeno, Waikato, 10.2 per cent

•Whenuapai, Auckland, 9.9 per cent

•Silverdale, Auckland, 9.5 per cent

•Mangakino, Taupo, 9.4 per cent

•Cambridge, Waipa, 9.3 per cent

•Pegasus, Waimakariri, 9.1 per cent

•Springston, Selwyn, 9.1 per cent

•Leamington, Waipa, 8.8 per cent

•Georgetown, Invercargill, 8.8 per cent

•Three Kings, Auckland, 8.7 per cent

•East Gore, Gore, 8.6 per cent

•Fitzherbert, Palmerston North, 8.6 per cent

•Maunu. Whangarei, 8.6 per cent

•South Dunedin, Dunedin, 8.5 per cent

•Tauhara, Taupo, 8.5 per cent

•Srathern, Invercargill, 8.4 per cent

•Featherston, South Wairarapa, 8.4 per cent

•Pahiatua, Tararua, 8.3 per cent