Median price rises for region's homes

Figures for March from the Real Estate Institute of New Zealand (Reinz) show the median house price increased to $249,000, up from the February median of $231,000. In March last year, the median price for residential property was $198,000.

More houses sold last month – 1471 compared with February's figure of 1447, although the number was smaller than the 1670 sold in March 2004.

It took an average of 22 days for a Canterbury house to sell in March, less than the 30 median days recorded in February.

Canterbury-Westland Real Estate Institute president Shane O'Brien, said he was not surprised by the figures, despite recent bank interest rate rises.

While higher interest rates could affect people's decisions on whether to buy a house, other factors were also at play, he said.

"Job security, a strong local economy, political stability and the global economy can all affect property buying," he said.

"Canterbury also has positive migration and people are still continuing to shift here, having converted their pounds or US dollars into our dollar, which means they can buy well."

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