The effect of the Canterbury earthquake on the property market

QV (Quotable Value) have released information on property values in Canterbury for a period that predates the earthquake and two months afterwards. The summary of their report is reproduced below. The whole of their report can be found here.
Summary
A relatively small percentage of properties in Waimakariri District, Christchurch City, and Selwyn District have been badly affected by land damage and will require significant re building work. Following some initial disruption, the remainder of properties are beginning to sell again, although the process is taking longer than usual.
In the month of the earthquake the number of sales dropped by 37% compared to pre-earthquake levels, but activity is continuing to pick up in subsequent months.
Property values were gradually declining in the months up to the earthquake. Following the earthquake this downward trend reversed with values in Christchurch City and Waimakariri District in October 3.2% higher than this previous trend. Local QV Valuers are reporting healthy interest in the property market, driven both by locals and people coming from outside the region to assist in the repair and rebuild.

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