Average N.Z. home to cost $100,000

Press, 16 September 1987, Page 9

Average N.Z. home to cost $100,000

Within six months the average New Zealand house may cost $lOO,OOO. If trends in price increases for houses continue, the next half year will see the average home in New Zealand rise to $107,550, according to the latest Valuation Department statistics.

Data to the half year ending June, 1987, shows the average price paid in New Zealand for a house is $97,773. That was an increase on the department’s valuation to the end of last year of 11.62 per cent The average house cost $86,412 at December, 1986. If the trend in price continues around the 10 per cent mark in the next half year to December, 1987, then New Zealanders will be paying more than $lOO,OOO for the average home.

However, the value of houses throughout the country would be affected by the high prices paid in the Auckland area said Mr Peter Cook, the president of the Real Estate Institute of New Zealand. The average Auckland house now sells for $177,739. On the other hand Oamaru’s average house price was $46,425. The department released its half yearly “Real Estate Market in New Zealand” statistical report today. The data is produced from the department’s records of houses, flats and sections sold within the last six months.

For flats the increase was similar — 12.11 per cent. That took the average flat price in New Zealand to $87,665 from $78,192. In Christchurch the average house price is

now $82,680. That figure shows the price has increased 8.55 per cent from $76,164. However, the Christchurch average price in still 18.25 per cent — or $15,057 — less than the national average. In Rangiora the average is $79,513 — a 19 per cent increase on the past half year average of $66,832.

In urban areas of New Zealand the average price has jumped more than 10 per cent to $97,773 while the rest of the country has seen an increase of more than 6 per cent to $60,636 since December 1986.

The price of sections rose 10.7 per cent to $35,172 — previously the average was $31,782. The disparity between Auckland and the rest of New Zealand was evident with Auckland sections averaging $81,288 while in

Masterton an average block of land cost $7283. In Christchurch sections were marginally less than the average. They sold for $34,050 — up $3ll or nearly one per cent — on the December half year. Rangiora housing land rose $2907 — or 14.11 per cent — to $20,593.

Christchurch still leads the rest of New Zealand in the number of houses sold, with 3207 changing hands in the six months from December last year to this June. That figure was down 540 from the previous half year but was still 866 sales ahead of the North Shore in Auckland.

There were 352 Christchurch sections sold between last December and June this year while on the North Shore 529 units were sold.

Average Christchurch house price half year ended June 1987 First half 1987 % price change Average Number last last half CITY price $ sold year year Central city 72,420 28 32.0 47.7 Merivale, St Albans 125,129 115 35.3 12.9 Papanui 84,237 171 19.4 11.1 Inner St Albans, Mairehau 63,550 214 6.9 3.1 Shirley, Dallington, Avonside, Richmond 66,883 214 8.5 4.7 North Linwood, Linwood, Charleston 52,621 161 18.9 15.6 Aranui, Wainoni, Burwood 67,361 128 7.8 6.7 New Brighton 59,362 180 16.6 5.7 Bromley, Bexley, Woolston 53,123 132 4.4 0.5 Mt Pleasant, Redcliffs, Sumner 116,412 129 14.4 6.1 Opawa, St Martins, Murray Aynsley, Huntsbury 72,528 116 7.7 6.0 Addington, Sydenham, Waltham 48,431 152 8.5 2.9 Beckenham, Somerfield, Spreydon 68,728 156 10.8 9.7 Hoon Hay 75,353 86 7.7 7.5 WAIMAIRI DISTRICT Fendalton 177,162 98 3.6 17.0 Upper Riccarton, Addington 92,037 49 13.2 9.1 Bumside, Ham 139,287 131 20.4 15.3 Avonhead, Russley 118,149 117 8.9 9.2 Bryndwr, Wairakei 85,328 104 12.1 • 4.1 Bishopdale, Casebrook 85,511 64 3.5 4.4 Redwood, Northcote 35,396 70 2.6 7.3 ' Belfast, Harewood, Styx 73,208 68 19.8 6.4 Parklands, Burwood 78,326 73 12.8 1.6 PAPARUA COUNTY Sockbum, Upper Riccarton 77,137 51 8.0 7.0 Hei Hei, Hornby 64,089 87 9.3 4.1 Halswell 88,726 65 18.1 7.8 Westmorland, Templeton 78,972 42 12.6 —9.7 HEATHCOTE COUNTY 126,271 94 26.5 12.9 RICCARTON BOROUGH 78,175 56 26.8 —3.7 LYTTELTON BOROUGH 67,737 55 20.0 16.9