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 Landlord

South 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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