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Timaru District Quarterly economic monitor - September 2020

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House prices

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Highlights for Timaru District

  • The average current house value in Timaru District was up 5.5% in September 2020 compared with a year earlier. Growth underperformed relative to New Zealand, where prices increased by 8.0%.
  • The average current house value was $387,192 in Timaru District over the September 2020 year. This compares with $734,689 in New Zealand.

National overview

House prices have shot ahead in the September quarter, rising 8.0% on average over the year to September 2020. This incredibly strong growth has been driven by high net migration at the beginning of the pandemic, and incredibly low interest rates. We expect house prices to continue to grow through summer, as the Reserve Bank implements policy to lower interest rates further, while threatening the return of loan to value ratio restrictions. This strong growth in house prices is at a time where housing is already highly unaffordable to most first home buyers, and the economy battles its sharpest contraction on record.