Prices improve, some sale times lag in buoyant market

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.