During the month of February, the average house price in Christchurch sat at $563,322.
This is an 11% increase on the same time last year.
Provisional data from New Zealand’s largest real estate group Harcourts, shows that low stock levels continue to be the main driver in the Christchurch market.
There are currently 1,546 houses for sale on Harcourts’ books in Christchurch, down 21% on the same time last year.
However, Harcourts CEO Chris Kennedy says sales consultants are starting to report an increase in listings, which will mean more choice for those looking to buy.
Meanwhile, Kennedy says speculation about the property market “bubble” bursting is unfounded.
“There is no bubble. In the 12 months to January, we had a net gain of 71,305 migrants in New Zealand. New builds are not keeping up with the demand, so we will continue to see a strong housing market.
“Having said that, there has been a fall in the number of property investors following tougher loan to value restrictions introduced last November. This has seen the market cool slightly and return to the healthy levels of 2014. The heat of 2015/2016 was unstainable long-term.”