A downturn in the property market in Canterbury is expected following the earthquake on Saturday.
Up to 100,000 houses are expected to need repair and Christchurch real estate agent David Rankin says there could be a significant drop in the number of properties listed.
Mr Rankin also says demand could pick up, particularly from those seeking houses in areas that escaped damage.
He says a lot of tenanted properties have been condemned so buyer demand will increase, rather than drop, though it will be in areas that have not been affected.
Mr Rankin says the property market was reasonably quiet over winter, and tough times will continue to affect the industry for a while.
According to Institute figures, property prices in Canterbury were 7.4% higher in July than they were in the same month last year, although they were still 3% below their peak in October 2007.