Rural property prices continue to rise in South Canterbury

And while Timaru prices are still at record levels, its in the rural towns where the prices are climbing the fastest.

The median sale price for the 50 homes sold in rural towns during May hit a new high at $158,500 – a significant increase on most months this year.

The highest median previously was $156,250 back in January, and the latest figure was $30,000 above the April median.

The number of sales reported in both Timaru and throughout South Canterbury, were down slightly on the previous month – from 70 to 63 in Timaru, and from 51 down one to 50 in the combined rural areas which include Geraldine, Fairlie, Waimate and Temuka as well as the smaller rural settlements.

The median price for the Timaru sales was $175,778 – just below the April record median of $178,500.

The average time a Timaru home stayed on the market was 16 days, slightly longer than the 13-day average in April, and 15 days recorded in March. Rural properties were slower to sell, being on the market an average of six weeks, as against the four to five week average reported for most of this year.

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