Timaru still one of the most affordable places to buy houses in NZ

The Timaru market is still good for first-time home buyers, according to mortgage brokers and economists.

According to the latest Real Estate Institute of New Zealand (REINZ) statistics, the median house price for May was $330,000 off the back of 91 sales. This compares favourably to $457,500 in Christchurch (657 monthly sales), and is less than half that of Wellington City's median price ($736,000 at 249 sales).

REINZ ambassador for Timaru Julian Blanchard said it was still a reasonably buoyant market, with prospective buyers being a mix of new arrivals to Timaru, first-time home buyers and those wanting to build a property portfolio.

"You can get a decent three-bedroom home for $330,000," Blanchard said.

"Timaru is lucky compared to other parts of the country, housing is affordable here."

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