In this blog we’re taking a deeper dive into Christchurch’s property market. The largest city in the South Island, Christchurch or the Garden City as it’s known, is rebuilding itself after the devastating earthquakes in 2010 and 2011 and now blends heritage buildings with modern architecture, and culture with innovation, all surrounded by stunning scenery.
What is the Average Property Value in Christchurch?
In New Zealand’s five largest cities, Christchurch property is the cheapest. The average house value as of March 2024 in Christchurch is $763,844 which puts it considerably lower than the national average of $933,612.[1]
Meanwhile the median price (according to REINZ’s New Zealand Property Report published in September 2024) sits at $660,000 an increase of $12,000 from July 2024. Consequently the number of house sales dropped from 647 in July 2024 to 566 in August.
How Has The Property Market Changed Over the Last 10 Years?
Ten years ago if you were planning to buy or sell in Christchurch you would find that the average house value was $448,425. Prices reached their peak post-Covid in 2022 when they increased by 26.8% in 12 months and reached $777,195 a jump of $164,085 from 2021.[2]
How do the Average Property Values Differ Across Christchurch’s Suburbs?
CoreLogic analysed 84 suburbs across Christchurch and found that in the past twelve months only three had seen their median property value fall.[3]
The highest median price can be found in the suburb of Scarborough, where the price is $1.84m. If you’re looking for a more affordable suburb then Phillipstown is still the cheapest where the median value is $455,200.[
How Much Rent Can You Expect to Pay a Week in Christchurch?
For those looking to rent in Christchurch, the average weekly rent increased 9.2% from March 2023 to March 2024 taking it to $501 which means that it still sits below the national average weekly rent of $560.[5] That said, rent as a percentage of the median household income is now 29% a new record high. [6]
Whilst the average weekly rent has increased since 2014 (when you could expect to pay around $370) it decreased for the first time since 2000 in 2016 by 4.6% and decreased again in 2017 and 2018, it didn’t pass 2014 prices until 2020. [7]
What is the Future of Christchurch’s Property Market?
House prices still remain affordable compared to other major cities in New Zealand and with interest rates easing we could see more activity as first time buyers are attracted to lower prices.
Thinking about moving to Christchurch? Let our team at The Finance Hub help you with your finances, get
[1] Infometrics https://rep.infometrics.co.nz/christchurch-city/living-standards/house-values?compare=new-zealand
[2] Infometrics https://rep.infometrics.co.nz/christchurch-city/living-standards/house-values?compare=new-zealand
[3] https://www.corelogic.co.nz/our-data/mapping-market
[4] https://www.corelogic.co.nz/our-data/mapping-market
[5] Infometrics https://rep.infometrics.co.nz/christchurch-city/living-standards/average-rent?compare=new-zealand
[6] CoreLogic Housing Affordability Report https://info.corelogic.co.nz/l/994732/2022-10-06/s8b6c/994732/1707906388pMLEMthf/2402_CoreLogic_HousingAffordability_Q42023_Report.pdf
[7] Infometrics https://rep.infometrics.co.nz/christchurch-city/living-standards/average-rent?compare=new-zealand
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