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House price growth in Christchurch has outpaced that of both Auckland and Wellington, according to research from Auckland property company Crockers. The company has found that in the past five years, prices grew by an average of 22% annually in Christchurch compared with 14% in Auckland and 18% in Wellington. Price growth in Dunedin averaged 30% in the same period although from a lower base. The national average for house price growth was 17%. Crockers also found that rents have risen more steeply in the South Island than in the north. Rentals as of May this year were almost 40% higher in January 2002 in Christchurch and Dunedin, whereas they increased by 30% in Wellington and just 14% in Auckland in the same period. While rental returns nationwide were dropping South Island investors were doing better than their North Island counterparts with higher returns in some areas.The research also showed that the difference in rent between a two and three bedroom home was 30% in Auckland and Wellington, but 25% and 20% respectively in Christchurch and Dunedin.This indicates less demand for family rental homes in the south, where the comparatively lower prices mean more families can afford to buy their own home than in the north. Christchurch Press July/2007 |