Timaru District Quarterly economic monitor - March 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 2.4% in March 2020 compared with a year earlier. Growth underperformed relative to New Zealand, where prices increased by 5.9%.
  • The average current house value was $382,466 in Timaru District over the March 2020 year. This compares with $714,174 in New Zealand.

National overview

House prices were up by 9.3% across the country over the year to March 2020. All regions were up, with Auckland recording its fastest growth in three years (8.2%pa). House price growth was spurred on by successive cuts to interest rates throughout 2019.

House prices are forecast to fall significantly between now and the end of 2021, although declines in the near-term are likely to be kept in check by the government’s mortgage holiday scheme that will limit the number of forced sales taking place.