Canterbury housing market hits record high

Photo: Getty Images
Photo: Getty Images
House prices for nine regions, including Canterbury, have hit new highs in September, bringing the national median house price to a record $685,000.

The Real Estate Institute NZ House Price Index, which measures the changing value of property in the market, increased 11.1% year-on-year to 3145 - a new high - and the first time the index for New Zealand has gone over the 3100 mark.

Canterbury, Otago, Gisborne, Taranaki, Bay of Plenty, Manawatu/Whanganui, Wellington, Waikato and Auckland all reached new median price records.

"The number of residential properties sold in September across New Zealand increased by 37.1 percent from the same time last year, from 6112 to 8377 - the highest number of properties sold in a month in New Zealand for 42 months since March 2017 and the highest number of properties sold in a September month for 14 years," REINZ said.

Chief executive Bindi Norwell said  low interest rates, relaxed restrictions and high confidence in the market was driving the surge, alongside a lack of supply.

"These sort of price increases have continued to defy even the most bullish of market commentators, but with no uplift in the total pool of properties available for sale, at this point it looks as if prices will continue to rise as we head toward Christmas."

Days to sell were also an indicator of the heat in the market - nationwide properties took 32 days to sell - four days quicker than in August.

Once again inventory levels were at their lowest on record.

The total number of properties available for sale nationally decreased by 17% year-on-year.

Regions with the largest percentage decrease in total inventory levels were Taranaki, Marlborough and Northland.


National median house prices rose 14.7% annually from $675,000 to $685,000 last month.

The median number of days to sell nationally decreased by four days from 36 to 32, the lowest since March this year. It took vendors three fewer days to sell in September, from 39 days a year ago to 36 days then, the lowest in a September month in four years.

Canterbury prices were up 11.1% from $450,000 to $500,000. Christchurch City ($503,000), Kaikoura District ($595,000) and Timaru District ($392,000) also had record median prices.

Auckland's median rose 12.6% from $848,000 to $955,000 which is a new record high, and up from $949,500 in August.

Gisborne prices rose 45.8% annually, from $384,000 a year ago to $560,000 last month.

Taranaki prices are up 21.3%, from $400,000 in September to $485,000 last month.

Otago saw a 20.7%  rise from $489,000 to $590,000.

Bay of Plenty sales prices rose 17.% from $602,000 to $709,000 and last month was the first time the median went over the $700,000 mark.

Manawatu/Wanganui prices are up 16.6% from $397,000 to $463,000 and Whanganui District had a record median price of $400,000.

Wellington prices were up 13.1% from $650,000 to $735,000 and Lower Hutt City ($702,000), Upper Hutt City ($710,000), Wellington City ($862,000) and Kapiti Coast District ($704,400) had record median prices.

Waikato sales prices rose 14.4% annually, from $555,000 to $635,000, and Hamilton City ($676,000) and Taupo District ($630,000) had record median prices.

- RNZ and NZ Herald 








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