Selwyn_Times: August 16, 2023

Selwyn Times Wednesday August 16 2023
4
NEWS
Latest Canterbury news at starnews.co.nz
House prices continue to drop as
Average
property
value falls
to $801,589
• By Daniel Alvey
A SURPLUS of homes in Selwyn
is causing price drops across the
district.
Quotable Value says the
average house value was down
1.2 per cent in the last three
months and down 6.8 per cent
in the last year. The average
price across the district is now
$801,589.
Data from property website
OneRoof showed the most
affected area was Lincoln, down
3.4 per cent, which now has an
average value of $963,000. At
the other end of the scale was
Leeston with a 0.3
per cent increase.
Most areas had
between a 0.1 and
2 per cent drop in
value.
OneRoof data
partner Valocity
senior research
analyst Wayne Shum
Wayne
Shum
SOLD: Properties like this one on Full Moon Ln, Rolleston, which sold in May for $785,000,
are selling quicker than more expensive properties.
said an oversupply was one of the
causes of dropping prices.
“In the past quarter, Rolleston
was down -1.9 per cent to
$830,000, Lincoln -3.4 per cent to
$963,000, and Prebbleton -1.1 per
cent to $1,237,000.
“Supply in the district is
outpacing demand, particularly
in recent subdivisions in
Lincoln and Rolleston, where
developments commenced in
2021 and 2022 are now arriving
onto the market, creating
a surplus of housing stock
available for sale,” Shum said.
He said high interest rates also
meant there are fewer buyers in
the market to begin with.
Selwyn is doing slightly better
than the Waimakariri District
which has dropped by 1.3 per
cent, now at $691,000, but
Christchurch is outperforming
its neighbours with a 0.8 per cent
increase in average value, now at
$727,209, the first time in more
than a year.
While prices are down now,
data from Westpac’s latest
housing market forecast is
predicting that house prices will
rise 8 per cent over the course of
the next year.
The bank’s economics team
said the housing market
had turned the corner and
was now on track for a
stronger than expected revival in
prices.
Ray White
real estate agent
Brendan Shefford
said properties
below the $800,000
sale price are still
selling well, but
properties on Brendan
the higher end are Shefford
slowing down.
“Anything up to $800,000,
there is a few buyers out at
the moment. Anything above
$800,000, there are more sellers
than there are buyers.
“Listing numbers have come
down, across the board,”
Shefford said.
Some of the smaller towns
like Leeston don’t have as much
fluctuation, Shefford said,
because there are fewer homes
on the market compared to some
of the bigger towns.
Bayleys real estate agent Nick
Booth said fewer listings are also
making for faster sales in some
cases.
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