North Canterbury property prices continue to climb

SHARE
Values rise . . . House prices rise in North Canterbury. Photo: File

By DAVID HILL

North Canterbury property values are continuing to climb.

Average house prices in Waimakariri, Hurunui and Kaikoura are continuing to rise, as Canterbury has the “hottest housing market in the country”, with the average property value rising 32.7 percent in 12 months.

Figures from the latest OneRoof-Valocity House Value Index show as of November 15, the average house price in the Canterbury region has risen to $743,000.

OneRoof editor Owen Vaughan said it is well above the annual growth rates of Auckland and the country as a whole.

“The region’s housing market has come out of the most recent Covid lockdown like a rocket, recording 9.3% growth in the average property value over the last three months.

“The highest quarterly growth figure of all the regions,” he said.

A frenzy of buying activity in Christchurch (10.1% quarterly growth) and Selwyn (12.7%) has driven much of the lift, but the majority of places in the region have recorded strong growth, he said.

In Waimakariri, the average property value is now $776,000, a jump of $63,000 (8.8%) in the last three months and $183,000 (30.9%) over the past year.

The average property value in the Hurunui district has reached $619,000, up $36,000 (6.2%) in three months and $117,000 (23.3%) in the last 12 months.

The Kaikoura district has not escaped the housing boom, with the average property value now $688,000. That represents a growth of $44,000 (6.8%) in three months and $138,000 (25.1%) in 12 months.

Just one Canterbury district has experience a drop in the average property values, Ashburton, falling on average 1.9 % ($11,000) in the three months to November 15.

But is still up 22.6% compared to November last year.

In Christchurch, the city’s average property value jumped 34.5% in the last 12 months, increasing by $193,000 to $752,000.

“A heady pace, which if sustained, would see the city’s average property cross the $1 million mark by August next year.”

The surge has come at a cost. The 20% deposit on a typical Canterbury home is now $148,000, $36,600 more than November last year.

“Rising prices have not deterred first home buyers, whose share of new mortgage registrations throughout the year has hovered around 40%,” Mr Vaughan said.

“Investors have increased their share of new purchases, from 23.3% in quarter one to 24.2% in quarter three.”