Prices im­prove, some sale times lag in buoy­ant mar­ket

The Timaru Herald - - FRONT PAGE - BEN AULAKH

A $29,000 in­crease in the av­er­age Ti­maru house price in the year to Novem­ber has been linked to a lack of ‘‘good qual­ity houses’’.

The lat­est Real Es­tate In­sti­tute of New Zealand (REINZ) fig­ures also show prices climbed

$20,000 from Septem­ber Oc­to­ber 2017.

In the Pleas­ant Point and Te­muka wards, the av­er­age price rose by $80,000. It rose by $67,000 in the Geral­dine ward.

REINZ am­bas­sador for Ti­maru Ju­lian Blanchard said there con­tin­ued to be a’’ short­age of good qual­ity houses for sale’’. to

‘‘That has seen the prices move up slightly in Oc­to­ber,’’ he said.

De­spite the change, the hous­ing stock avail­able for sale re­mained ‘‘af­ford­able com­pared to other parts of the coun­try’’.

‘‘We are see­ing in­ter­est from peo­ple mov­ing into the re­gion.

‘‘De­spite comments the mar­ket is chang­ing, the Ti­maru mar­ket con­tin­ues to be buoy­ant.’’

Be­tween Septem­ber and Oc­to­ber, the av­er­age price was up $35,000 in the Geral­dine ward, but $55,000 less in the Pleas­ant Point and Te­muka ward.

Fig­ures on the per­for­mance of the Wai­mate prop­erty mar­ket were un­avail­able on Wed­nes­day.

It took longer to sell a house in Ti­maru Dis­trict com­pared to last year: it took 42 days, com­pared to 22. It took 15 days, from 13, in the Pleas­ant Point and Te­muka ward.

In the Geral­dine ward, it took 14 days to sell a prop­erty, down from 20 days.

The num­ber of houses sold in the dis­trict dropped from 4 in Oc­to­ber last year to 41 in Oc­to­ber this year.

House sales in Ti­maru also fell from 46 in Septem­ber to 41 in Oc­to­ber.

The av­er­age price rose $44,000 in the last 12 months in the Macken­zie Dis­trict’s Pukaki Ward. In the Waitaki Dis­trict, the av­er­age im­proved by $55,000.

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