Christchurch house prices up 10.3pc in a year

This property at 246 Cannon Hill Crescent in Mount Pleasant sold for $1,200,000. Photo / Ray White

House prices in Christchurch have hit a record high once again.

New data from the Real Estate Institute of New Zealand shows the median price in the city was $526,000 as of October.

That is up from $510,000 in August and $477,000 from the same time last year - a 10.3 per cent jump.

The median house price in September was also a record high in Christchurch City.

But it is no comparison to Auckland house prices which were $1.2 million as of October, that is down 3.8 per cent on the month before but up 19.1 per cent from the same time last year.

The wider Auckland region hit $1 million, a 4.7 per cent increase from September.

The national median house price increased by 19.8 per cent from $605,000 in October last year to a new record median high of $725,000 in October this year.

The number of houses sold in Christchurch decreased by 3.2 per cent to 755 in the past month, compared to 520 for the same time last year.

The Timaru District ($410,000) also had a record median house price in October.

Chief executive at REINZ Bindi Norwell said first home buyers are still very
active in the Canterbury market.

"As are investors, however, with low levels of stock, options are low. Inventory is down eight weeks year-on-year to 10 weeks of available inventory.

"Listings are up 9.3 per cent from the same time last year, however a lack of
new builds is further increasing the pressure on the market."