Canterbury saw median house prices reach a record $595,000 in July, up 24.7% from the same time last year.

Four districts within Canterbury experienced record median house prices in July, including Ashburton District, ($458,000), Selwyn District ($740,000), Timaru District ($460,000), and Waimakariri District ($620,000).

The Real Estate Institute of New Zealand said buyer activity is expected to scale up across the region as New Zealand heads into the warmer months.

Canterbury saw a 48.6% decrease in the total number of properties available to prospective purchasers with 1,303 properties in July, down from 2,535 in July 2020 – the lowest level of inventory since records began.

Sales volumes were also down 8.1% from 1,052 in July 2020 to 967 in July 2021.

Properties on the market are selling quicker than the same time last year at a median 28 days to sell, down from 34 days – the lowest for a July month since 2007.

On the ground, first home buyer activity remains steady as international travel has been removed as an option, and young working professionals are instead using their savings to invest in property.

Auctions remain a popular method of sale in Canterbury with 31.2% of properties sold under the hammer in July.