Property prices near Christchurch fastest rising

5:30 pm on 14 March 2012

Property prices in towns surrounding Christchurch have risen by more than anywhere else in the country over the past year.

Quotable Value says the increase is being caused by residents whose properties have been zoned red looking for new homes on more stable ground.

Quotable Value says in the past year, property prices in the Selwyn and Waimakariri districts have risen by 11 and 12% respectively.

A real estate agent based in the Selwyn district, Stephan Knowler, says demand for properties is as high as it has ever been. He says about half of those buying in the area have been displaced by the earthquakes.

A registered valuer for Quotable Value, Richard Kolff, says the supply of properties will become less of a problem as several large subdivisions are finished over the next two years.

On Wednesday afternoon, Christchurch City Council announced a minimum of 1300 houses could now be developed in the suburb of Belfast, after a ruling by the Environment court.

Mayor Bob Parker says the court's decision on the North West Belfast zone will allow for the release of land on to the market as demand increases following the earthquakes.

He described the ruling as a milestone, saying there is a huge demand in the city for new sections and the decision paves the way for landowners to begin the process of subdividing their land.

The decision can still be appealed to the High Court.