Booming market hits property buyers hard
Thursday 8 April 2004
Timaru's booming property market is hitting first home buyers where it hurts –in their wallets.
By The LandlordSouth Canterbury sub-district REINZ chairman and local registered valuer Roger Carter said first home buyers were paying up to $50,000 more for a home, compared to two years ago.
Homes selling for $90,000 two years ago were now fetching between $130,000 to $140,000.
However, Mr Carter said buying a home in South Canterbury was still more affordable than in other areas.
"Properties – especially those in Timaru – have been underpriced for a long time. And although it has become harder for those buying in the bottom price range it's still far more affordable to purchase a home here than in other parts of New Zealand... I believe we are just catching up," he said.
And the market shows no signs of slowing down, according to Mr Carter.
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There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.