Property values remain fairly stable
by Anonymous Author
Property values in the Christchurch area remain relatively stable in the closing months of 2017, according to the latest QV House Price Index statistics.
Christchurch city values have remained stable, dropping slightly by 0.1% or $541 over the past year from an average value of $494,247 in December 2016 to $493,706 in December 2017. Values have increased slightly by 0.4% over the last quarter.
Meanwhile, growth remains strong across Canterbury’s regions. The Waimakariri District up 1.7% year-on-year and 1.5% over the past three months; while Selwyn values increased slightly 0.3% year-on-year and 0.7% over the past quarter.
QV Christchurch Property Consultant, Hamish Collins said: “It’s been slow and steady for the Christchurch housing market during 2017. We have seen less activity than in previous years as heat comes out of post-earthquake market, and overall the market has normalised after the earthquakes.
“The high level of housing stock on the market has given purchasers more options, and vendors are finding they need to adjust their expectations from a moving post-earthquake market to a slower environment.
“First home buyers remain active in the market as do those purchasing ‘as is where is’ properties with existing unrepaired earthquake damage.
“Those in the investor market remain anxious about potential changes to regulations such as insulation, building warrant of fitness and taxes, and investors have also been hamstrung by LVR and bank lending restrictions throughout the year.”