QV’s Residential Price Index for Christchurch

QV’s Residential Price Index for Christchurch

QV’s Residential Price Index for October shows that property values in Christchurch are 3.4% higher than the same time last year. Values continue to increase, driven by activity in unaffected areas.

Mr. Brendon Bodger of QV Valuations said; “House prices are continuing to show a positive upward trend. As expected, demand is for relatively undamaged suburbs, particularly in the South West to North West.”

“Whilst market activity has increased, the spring lift in listings is lower than expected and sales volumes continue to be well below the high activity years of 2006/2007” Mr Bodger said.

Mr Bodger said “As has been evident over the past few months, demand for property in the wider Canterbury area continues to be strong, particularly for vacant sections and small lifestyle blocks. Values in the Selwyn District Values are 4.9% higher than last year and in Waimakariri values are 3.1% higher.”

QV’s Residential Price Index is calculated using sales data from the 3 months leading up to the month being reported. It is not the same as the average sales price, which fluctuates in line with the mix of properties selling in upper or lower price brackets. The average sales price for Christchurch in October was $379,724.

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