© New Zealand Broadcasting School 2019

Nationwide increase in property value besides Chch

Zion Dayal
Aerial image of Christchurch suburbs Flickr NZ Defence Force 2
Christchurch Wikimedia Commons

Latest figures show a nationwide increase in property values, but Christchurch remains flat.

The Quoteable Values report, which was released this morning, says there is a 7.3% increase in property values across New Zealand except for Christchurch.

The city's residential property value is stable with a slight decrease. Within the last year the value of properties in the city dropped 0.6% and the average value is now $494,117.

Bayleys Canterbury residential listing agent Nathan Collett says from a buyers point of view Christchurch has great value compared to other New Zealand centres.

"We have certainly noticed a change, properties are still selling and still selling well. They are probably taking a bit longer to sell, that is what we are noticing," Collett said. 

The report outlines that in Christchurch it is taking 10 days longer on average for properties to sell from this time a year ago.

Collett says the value of property isn't decreasing it has just flattened and some houses would have sold for less than what they were once sold for in the past.

"Things were strong before the election, then I think there was a bit of uncertainty from buyers, so they stopped purchasing and stopped to see what would happened. We had a bit of a lift post-election but generally [the market] has been a bit slower," Collett said.

Centres such as Hamilton, Tauranga, Auckland and Dunedin all have increasing residential property values. The report states that the average property value in New Zealand is $677,618.  

Since the Christchurch earthquake Collett said the market in the city was a bit inflated but during the rebuild values had flattened.

"The markets do that sometimes - they just have a bit of a correction.

"We have gone through earthquakes and quite a few years of an inflated market. Now things are backing off and coming back to being normal," Collett said. 

AVERAGE PROPERTY VALUE BY REGION (Percenatges by year):

Auckland - $1,055,992 risen by 1.0%

Tauranga - $706,922 risen by 4.5%

Hamilton - $555,549 risen by 2.2%

Wellington - $644,567 risen by 8.2%

Christchurch - $494,117 dropped by 0.6%

Nelson -  $566,052 by risen by 8.4%