The prices in real estate in Cheviot, in the Canterbury region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Cheviot has had a strong decrease during the last 6 months. In October, the average price per m² was $3,699. In the following month the price per m² increased to $3,974. In the following two months the price per m² has barely changed, going from $3,836.5 to $4,020 per m². The price per m² has had a considerable deflation of 43 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $3,928.25 to $1,707 during February, and March.
Based upon to the price in Cheviot (suburbs), this has fallen considerably in the last 6 months. In our first sample month during October, the average price is $638,600. In November This price remains at $657,000. In the following two months the average price has remained the same with regard to the previous two months from $647,800 to $675,033.5. During the last two months the average price has had a strong fall compared to the previous four going from $661,416.75 to $262,200, which means a 40 % fall.