Christchurch average prices have slipped back down into the high $400s, now sitting at $498,370.
This is a 10% drop on May 2016’s average price of $553,114.
The traditional winter slowdown, the upcoming election and a general cooling of the market has seen a dip in Harcourts' Christchurch figures for July.
Christchurch is showing all the signs of being a balanced property market, with sales and average prices on a par with the same time last year.
In March the average house price in Christchurch was $588,362.