Christchurch house prices: Record median in 12 months

17 Epsom Drive Rangiora that sold at an auction in Christchurch last week. Photo / supplied.

House prices in Christchurch have hit a record high.

New data from the Real Estate Institute of New Zealand shows the median price in the city was $503,000 as of September.

That's up from $495,000 in August and $475,000 from the same time last year - a 5.9 per cent jump.

But it's no comparison to Auckland house prices which were $1.25 million as of September, increasing 35.1 per cent in a year, a record for the city. The wider Auckland region was $955,000.

The national median house price was $685,000, an increase of 14.7 per cent.

The number of houses sold in Christchurch increased by 24.6 per cent to 760 in the last month, compared to 520 for the same time last year.

The Kaikoura ($595,000) and Timaru ($392,000) districts also had a record median house price in September.

REINZ CEO Bindi Norwell said there are strong levels of demand across the region.

"Particularly in the sub-$500,000 category, where many first time buyers are trying to get their foot on the property ladder.

"Open homes are becoming more popular and attendance numbers are increasing, resulting in faster sales and an upward pressure on prices."

It comes as Ray White announced a 100 per cent clearance rate at an auction in Christchurch last Friday.

Ray White New Zealand South Island Regional Manager Jane Meyer said there was no better example of why it remained a seller's market.

"Week after week we continue to see incredible results for our vendors and it provides further evidence that now is the time to be listing and selling your property.

"To achieve a 100 per cent clearance rate under the hammer for nine properties at one event is great in any market and there's no doubt the Christchurch market is red-hot at the moment."

Ray White Morris & Co principal Stuart Morris said he celebrated a hat-trick of under the hammer sales, with two properties also selling prior to the event.

"We had competitive bidding on all three properties, but the stand-out was the $764,000 sale of 17 Epsom Drive in Rangiora as that was brought forward, yet the bidding continued on."

Completing the hat-trick for Morris was Rangiora's 39 West Belt that sold for $717,000 and 451 Johns Road in Fernside that sold under the hammer for $632,000.