Timaru Herald Story

Property prices in South Canterbury have continued to rise, bucking the national trend.

QV's February property statistics indicated that residential property values rose by 15.3 per cent nationally over the past 12 months – down on the 16.8 per cent reported in January.

However, figures for the Timaru district show 23.4 per cent growth for February, up on the 22.9 per cent recorded in January. The average sale price in February was $193,508.

The Mackenzie district's growth is even greater, with the growth rate rising from 26.1 to 30.9, although QV warns the figure may not be accurate, as it's based on a low volume of sales. The average sale price was $209,667.

Waimate district's growth was recorded as increasing from 22.3 in January to 22.9 in February, with an average sale price of $140,425.

QV spokesperson Blue Hancock said the statistics showed an easing in the residential price movement, reflecting feedback from the market that there was a softening in demand and less pressure on prices.

All the main centres saw a slight decrease in the annual growth rate from the statistics reported in January. Christchurch's growth dropped to 17.5 per cent, while Dunedin's dropped to 9.8 per cent.

Of the major provincial centres, Rotorua led the way with 32 per cent growth, up 1 per cent on the growth reported in January. However, most other major provincial centres appeared to be following the national trend.