Property values in city up 50%
Thursday 11 November 2004
The soaring real estate market has pushed the value of Christchurch property up by 50 per cent, to $47.3 billion, in three years.
By The Landlord
Figures released yesterday show the total capital value of the city has rocketed from $31.4b since the last valuation in 2001. Capital value is the sale price a property is expected to fetch.Total land value – the price of the bare land – has gone from $13.6b to $22.3b in the same period.
Across the city the average value of a residential property is now $259,948 compared with $169,447 in 2001.
Property values in seaside suburbs have increased the most with South Shore-Brighton and Sumner 74% and 73% higher than three years ago. Templeton and Westmorland recorded the lowest increase at 39% and 41% respectively.
The Christchurch City Council yesterday warned residents not to panic about the impact of higher valuations on their rates bills. "The likely impact on rates of the new values is not yet known, but capital values alone do not change rates," council funds and financial policy manager Geoff Barnes said.
Read More - Opens in a new window
Commenting is closed
House Prices
House price drops are short-lived - Alexander
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Commercial
Resilience needed in face of change
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgages
Mortgage lending slumps to record low in April
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.
