Christchurch house prices defy slowdown predictions
Christchurch house prices continue to rise faster than most of New Zealand's, confounding predictions of an imminent slowdown.
Tuesday, July 12th 2005, 5:56AM
by The Landlord
The latest residential property values report, released today by Quotable Valuations (QV), shows values in Christchurch rose 18.5 per cent for the year ended last month. This was more than 4% higher than the national increase.It confirms Christchurch's similar rise in the previous report, which covered the year to the end of May.
Christchurch's value increase was third among New Zealand's main cities, following Hamilton (23.6%) and Dunedin (22.1%).
Nelson was the only area to register a decline, with a 1.3% fall in values.
QV spokesman Blue Hancock said the rise in property values was showing little sign of slowing.
"Despite thoughts that the property market is about to enter a slowdown period, we are still seeing increasing levels of growth in property values across most areas of the country," Hancock said.
Indicators were pointing to a levelling out of growth in values.
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