House Prices Chch

925exile · Posted: Wed Jan 28, 2004 4:01 am Post subject: House Prices Chch

Hi, Relocating to christchurch in March. Just wondered whats happening with house prices in and around the city? any tips on renting buying? going to be working central christchurch for at least two years with view to permanent if we like NZ and it likes us. Any advice from those that have been through the loop (so to speak) would be most welcome...

aurora · Posted: Thu Jan 29, 2004 5:38 pm Post subject:

These are the latest median figures for suburbs in Christchurch:

Christchurch central = $196,750
North-east christchurch = $191,667
East christchurch = $136,250
South-east christchurch = $152,833
South inner christchurch = $131,667
South outer christchurch = $230,500
Addington/Somerfield = $167,833
Hillmorton/Hoon Hay/Halswell = $215,167
Riccarton = $183,667
Ilam/Merivale = $330,167
Avonhead/Russley = $245,374
Bryndwr/Burnside = $235,833
St Albans/Dallington/Shirley = $176,942
Harewood/Papanui/Marshland = $197,000
Seaside south = $374,833
Seaside north = $176,583
Lyttelton/Harbourside = $220,333

Most of these suburbs fall within a 5 to 6 km radius of the city centre, so distances are not really an issue.

I am currently looking to buy a house. The situation is currently white hot, and I expect it to remain this way for the next 6 to 12 months. After that, prices should plateau. IMHO.

Robert · Posted: Thu Jan 29, 2004 8:53 pm Post subject:

Chat with my work colleagues who live all over the city also suggest that the general impression is that house prices will fall soon. The 25point interest rate hike today may also help a little.

As with any city, some areas are better than others and local advice, if obtained, could be biassed. I was told 'it's lovely on the hill' by a local afficionado who neglected to mention that by any reasonable stretch of the imagination, 'hill' should have more accurately been stated as 'cliff'.

You will have no trouble commuting from just about anywhere to the city centre and cars are very easy to come by with a huge range to choose from.

Why not let us know a few more details about what you are after?

925exile · Posted: Sat Jan 31, 2004 6:15 am Post subject:

Thanks (Aurora & Robert) for the info, most helpfull. Not sure what we are going to do yet. Would be nice to go the whole hog and buy a house but caution tells me to just go for a 2 bed appartment near the city that we may be able to let later if things work out and we stay for the long haul? or alternativley just let an appartment until we get bedded in, just concerned about having to pay 10% more in 6 months time if things just keep rising. Is there much on the rental market? would you knwo how long the minimum term is for renting. I dont see many appartments tolet or forsale on the net. Thanks for your time...

aurora · Posted: Sat Jan 31, 2004 10:21 am Post subject:

Thanks in part to recent immigration and foreign student levels, the rental scene here is extremely tight. Expect to pay about 7 to 8 % rent on the value of a property (eg to live in a property worth $200,000 expect to pay annual rent of $15,000 or $300 per week).

Your best bet would be to find a place to rent with an open arrangement (ie tenancy is ongoing until either party ends the tenancy - usually requires several weeks notice) until you find a suitable place to buy.

Maybe you can use my own situation as a point of reference - I arrived here about two weeks ago, looking to buy a house. In the mean time, I am living in a room in a shared house - the arrangement is such that I can live here as long as I like, and I only have to give two weeks notice when I want to leave. All furniture, electricity, internet etc is included in the rent ($160 per week) so there are no further outgoings. This gives me somewhere to live while I take my time looking for the right opportunity to buy.