Christchurch first-home buyers are being forced to seek their dream homes in suburbs they once shunned because of rising house prices.
Wednesday, May 4th 2005, 7:28AM
by The Landlord
Christchurch's overall median house price has risen from $155,000 three years ago to $270,000, but some areas once considered less desirable are showing even higher price increases.
New Brighton and South Brighton have had increased demand, with buyers willing to pay for anything with a glimpse of the sea. In 2002, the median price for a New Brighton property was $120,875. This leapt to $269,000 last month.
In Addington, traditionally an area of rental properties, the median price rose from $127,750 to $225,000 last month. Property prices within the four avenues have almost doubled in three years.
Real estate agent Simon Barrett, of Min Sargenson Real Estate, said it would be difficult to find many Christchurch properties, other than units or townhouses, under $200,000 that owners would consider a "dream home".
