Christchurch property: Values up, supply down | Canterbury News | Local News in Canterbury

Property values in Redwood and Beckenham are on the rise with buyers looking to move to Christchurch suburbs least affected by the September and February earthquakes.

They are the only Christchurch suburbs to feature in Quotable Value New Zealand's list of the country's top 10 suburbs for value increases in the year to August.

The median sales price for Redwood was up 5.8 per cent to $342,222 and in Beckenham, the rise was 5.6 per cent to $401,944.

Real estate agents say their popularity was due to the areas being largely unaffected by the earthquakes.

Redwood, in particular was seen as an affordable part of town for first and second home buyers and close to the Northwood Supa Centre.

Ray White Real Estate Northwood branch managing director Shane Paget people in the eastern red zone suburbs had to face the decision to move and were looking to buy elsewhere at a price they could afford.

"There is a value or price point where they can meet," he said.

"People are attached to their own community and want to be relatively close to the area they know. We're very parochial on community values."

Mr Paget was unwilling to put a figure on the number of sales his office had recorded recently but confirmed there was a "strong demand" in the area.

"There's strong interest and that's what driving sales and in most cases we are looking for multiple offers," he said.

"Northwood is in the centre of a lot of activity."

Ray White Cashmere office principal Amy Gardiner said while values may be up, sales in the Beckenham and Cashmere areas were "quite patchy".

"It comes down to many people wanting to come into the area and people living here wanting to stay put," she said.

Demand was up, but the supply of available houses for sale was down.

"It means that people wanting to move from the red zone areas are paying a premium."

Ms Gardiner said there was "still some focus on rateable values" but agents were finding many sales were being made at higher prices.

Her office had recorded "about 15 sales" over the last couple of months.

She said there was some confusion about whether people who had Earthquake Commission claims pending could sell their properties before minor repairs were completed.

"They can sell," she said. "EQC and insurance claims will transfer."

Auckland suburbs took the top five places on the list, with rising values driven by first-home buyers keen to gain a foothold on the property ladder.

Values in Otahuhu rose the most (9.9 per cent), edging out inner city Point Chevalier 8 per cent).