29 Apr 2014

Canterbury house price growth slows

9:55 am on 29 April 2014

Housing market activity in Canterbury has slowed, but the construction industry continues to surge.

The ASB Bank's monthly Cantometer measures about 17 different statistics in five indices, including construction, migration and employment.

The index was set to zero in June 2010 and rose to a high of 1.5 in April.

ASB chief economist Nick Tuffley said recent consent issuance indicates construction activity will continue to grow and other sectors of Canterbury's economy is continuing to pick up.

"House price growth has slowed a bit and sales turnover has eased back," he said. That had been seen around the country and the Canterbury market had held up better than the overall trend.

Mr Tuffley expects slowing in house price growth in the region over the year.

Houses on the hills of Lyttelton.

Houses on the hills of Lyttelton. Photo: RNZ / Diego Opatowski