City property sales soar
Property sales have surged in the garden city during October and prices continue to climb.
The buoyant market has local agents predicting a healthy flow of new home will continue.
Sales in the city were up last month at 496 properties sold. That compared with 418 in September and 407 in October 2011.
Real Estate Institute of New Zealand regional director Tony McPherson said Christchurch experienced a strong winter and the latest figures suggested a good supply of new properties was coming onto the market.
"There is very good demand and days at market are shortening down - we're getting a lot of multi-offers and median prices are trending upwards."
Mr McPherson expected continued demand from red zone buyers, first home buyers attracted by record low interest rates and record high rents, and also people coming into Christchurch for the rebuild.
The median sale price for Christchurch rose last month to $361,750 - up from $350,250 in September and $345,000 for the same time last year.
The average QV value for a Christchurch property is currently $397,797 - up 5.9 per cent year-on-year.
Nationwide, sales surged in the last month and prices hit a new record median high.
The national median house price increased by $9000 in October to $380,000 - a 2.4 per cent rise - with Auckland recording a new peak of $530,000.
More than 6600 properties changed hands last month.
REINZ chief executive Helen O'Sullivan, said the springtime surge in new listings was struggling to keep pace with buyer demand.
Sales volumes rose across the country in October but prices did not automatically follow.
"The market is very much in two parts - the metropolitan regions of Auckland, Wellington and Christchurch where prices are rising and the rest of the country where price trends are mixed."
The total value of residential sales, including sections, was $3.15 billion in October, compared to $2.62 billion the previous month, and $2.15 billion in October 2011.
Meanwhile, the popularity of auctions has continued to rise nationwide with a new record of sales by auction - 20.2 per cent - met last month.
Nationally, 1343 properties were sold by auction in October.
Just 689 properties were sold by auction in October 2011 - 13.8 per cent of all sales.
Also on the rise, is demand for expensive homes. In the past year, sales in the $600,000 to $1 million bracket jumped by 73 per cent, and in the over-$1 million band, sales soared by 96 per cent.
Properties took 32 days on average to sell, down from 33 the previous month.
Meanwhile, QV's latest monthly property value index shows nationwide residential values continued to climb in October.
Values were up 1.9 per cent over the past three months and 5.7 per cent over the past year. As a result, values are now 1.1 per cent above the previous market peak of late 2007.
