Districts surrounding Christchurch are booming as red-zoned residents opt for new homes out of the city.
More home building is being authorised in the Selwyn and Waimakariri districts combined than in Christchurch City, and house values in both districts are at record levels.
"We're growing rapidly. With people moving out here after the earthquakes, we're nearly back to the levels we had before the downturn," Selwyn Mayor Kelvin Coe said.
QV research director Jonno Ingerson said values in districts surrounding Christchurch had "picked up strongly" since the quakes.
Values jumped by 9.1% in Waimakariri last year, the biggest rise in New Zealand, and by 7.5% in Selwyn.
Statistics New Zealand figures show the number of consents for new homes in Waimakariri and Selwyn has doubled since a year ago, with 512 and 417 respectively issued in the 12 months to the end of November.
Christchurch consented 904 new homes in the year to the end of November, down on the previous year.
Demand for homes has pushed house prices out of the city to record levels.
Waimakariri's average price at the end of the year was $355,380, 2.6% above its 2007 peak, while Selwyn's $423,804 average was 5% above its previous peak.
Coe said the Greater Christchurch Urban Development Strategy put together by councils before the quakes had been a blessing and meant land around Selwyn's towns was already rezoned and ready for new housing.
The council had brought forward a sewerage upgrade for fast-growing Rolleston, work had begun on extending the town's water-treatment plant and its new aquatic centre would be finished this year, he said.
Rangiora real estate saleswoman Margot Hutcheon, of Bayleys, said buyers were competing for homes and multiple offers were now common.
Most buyers were from the Christchurch and Kaiapoi red zones.
"It's just supply and demand.
"Demand is very high and there's not enough properties available, and that's pushing prices up," she said.
Rising prices meant her office was selling more homes by auction or deadline sale to get owners the best price.
Some buyers had missed out after putting offers on several homes, Hutcheon said.
Christchurch house values rose by 4.3% and the average price across the city was $371,885, QV figures show.
There were small rises in most areas, including in the eastern suburbs, and values remained unchanged in the hill suburbs.
Ingerson said the Christchurch property market was still significantly disrupted by the quakes.
Further growth in values in the city depended on whether damaged properties were rezoned red or green, decisions on the redevelopment of the central city and whether there were more big quakes.
Surge in property values
Average house prices and annual growth in values:
Christchurch: $371,885 (4.35%)
East: 309,307 (3.6%)
Hills: $458,190 (0%)
Central city and north: $408,763 (4.4%)
Southwest: $368,147 (5.1%)
Waimakariri: $355,380 (9.1%)
Selwyn: $423,804 (7.5%)
Banks Peninsula: $390,823 (5.4%)
Source:http://tvnz.co.nz/national-news/real-estate-booms-christchurch-city-fringes-4682532
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