Strong demand for Chch houses

Press, 26 December 1986, Page 4

Strong demand for Chch houses

By

SARAH SANDS

Demand for Christchurch houses in the medium price range was very strong in 1986, according to a report from the Institute of Valuers.

By September, few per-manent-material homes were available for less than $70,000. More than 2600 house sales at an average price of $72,500 were recorded in Christchurch in the first half of 1986.

Houses in the higher price range sold slowly at the beginning of the year but sales improved as the year progressed. The report said there had been a noticeable increase in the number of new homes and additions to existing homes particularly in the period leading

up to GST. Several big subdivisions came on stream during the year which meant a big increase in the number of building sites available. Section prices reflected a substantial price rise with the average suburban section costing $28,000.

Domestic rentals in Christchurch ranged from $7O a week for a onebedroom unit to $l6O a week for four bedrooms.

In South Canterbury, residential section sales fell to about one-third of the levels in the proceeding two years but prices remained high with top sections in Timaru and Ashburton costing more than $40,000. In Timaru, demand was strongest for houses in the

$30,000 to $70,000 range with steady demand for houses priced to $120,000. Houses costing more than $120,000 faced a slow market.

The report said that prestigious homes continued to find a sound market with one Ashburton sale at $250,000 and two Timaru sales at $250,000 and $270,000 respectively. Sales of South Canterbury ownership flats were slightly below that of 1985 in the first half of 1986 with many ownership flats available, particularly in Ashburton. Residential rents for older flats ranged to $7O a week with average-quality flats having rentals between $BO and $B5 a week.