Authored by the expert who managed and guided the team behind the New Zealand Property Pack
Yes, the analysis of Christchurch's property market is included in our pack
Property prices in Christchurch are showing a steady upward trend as we reach mid-2025, with recent data indicating the market is recovering from its 2022-2023 correction.
The average Christchurch property price stands at $798,000 as of June 2025, just $4,000 shy of its post-Covid peak of $802,000, representing a remarkable recovery that outperforms both Auckland and Wellington markets.
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Property prices in Christchurch have increased by 3.11% over the past three months (to April 2025) and show strong momentum heading into the second half of 2025, with major banks forecasting continued growth of 3-7% throughout the year.
The market's resilience is driven by strong net migration (20% of new migrants to NZ settle in Christchurch), relative affordability compared to other major cities, and steady economic fundamentals supporting buyer confidence.
| Key Metric | Current Value | Trend |
|---|---|---|
| Average Property Price | $798,000 | ↑ 3.11% (3 months) |
| Median Sale Price | $700,000 | ↑ 4.5% (annual) |
| Days to Sell | 34 days | ↓ from 42 days |
| 2025 Price Forecast | 3-7% growth | Positive outlook |
| Mortgage Rates (1-year) | 4.99% | ↓ from 7.45% |
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
What is the current average property price in Christchurch as of June 2025?
The average property price in Christchurch has reached $798,000 as of June 2025, positioning itself just $4,000 below its post-Covid peak.
This represents a significant recovery from the market's low point in May 2023 when prices dipped to $739,000. The current pricing demonstrates an impressive 8% growth over the two-year recovery period, showcasing Christchurch's market resilience compared to other major New Zealand cities.
Multiple data sources confirm this upward trajectory, with CoreLogic reporting the average at $765,011 in June 2024, and subsequent growth bringing it to current levels. The median sale price, which provides another perspective, sits at $700,000 as of March 2025, having experienced month-to-month fluctuations but maintaining an overall positive trend.
The Christchurch residential market's price recovery outpaces both Auckland and Wellington, which remain 17.7% and approximately 20% below their respective peaks. This positions Christchurch as the strongest performing major city market in New Zealand during the current recovery phase.
It's something we explore in detail in our New Zealand property pack.
How much have property prices increased in Christchurch recently?
Property prices in Christchurch have shown consistent growth across multiple timeframes, with a 3.11% increase over the past three months leading into April 2025.
Looking at the annual performance, Christchurch properties gained 4.5% in value through 2024, significantly outperforming Auckland's -0.5% decline and Wellington's modest 2.0% increase during the same period. This growth momentum has continued into 2025, with the market showing sustained buyer interest.
| Time Period | Price Change | Key Driver |
|---|---|---|
| 3 months (to April 2025) | +3.11% | Lower mortgage rates |
| 12 months (2024) | +4.5% | Strong migration |
| Since market bottom (May 2023) | +8% | Economic recovery |
| 5-year average annual | +4.66% | Consistent demand |
| 20-year average annual | +5.06% | Long-term growth |
The March 2025 sales data revealed particularly strong activity, with 876 residential sales recorded - up 25.9% from February and 28.1% year-on-year. This represents Christchurch's highest sales count since March 2021, indicating renewed market confidence.
The consistent price appreciation reflects Christchurch's position as an attractive destination for both domestic migration from other New Zealand regions and international arrivals, with approximately 20% of new migrants to the country now settling in the Canterbury region.
Which Christchurch suburbs are seeing the biggest price increases in 2025?
Affordable suburbs in Christchurch are leading the current price growth cycle, driven by first-home buyers and investors seeking value in a rising interest rate environment.
The suburbs experiencing the strongest value growth include Islington (+4.7%), Templeton (+4.5%), and Duvauchelle (+4.4%) based on recent 12-month performance data. These areas are attracting buyers priced out of more expensive neighborhoods, creating a ripple effect of demand in the sub-$700,000 market segment.
In contrast to the short-term trends, long-term analysis reveals that affluent suburbs maintain the strongest capital growth over extended periods. Areas like Strowan, Sumner, Richmond Hill, and Merivale have averaged annual growth rates of 6.5-6.8% over 20 years, demonstrating the enduring value of premium locations.
Recent data from 2025 shows Spreydon achieving 3.33% annual growth among Christchurch City suburbs, while areas like Kennedys Bush experienced slight declines of -0.51%. This divergence highlights the importance of suburb selection for property investors and homebuyers.
The pattern reflects a broader trend where high interest rates and stretched affordability push demand toward more affordable areas, while long-term wealth creation continues to favor established, amenity-rich suburbs with strong fundamentals.
What are the property price forecasts for Christchurch in 2026?
Major banks and property analysts predict Christchurch house prices will continue rising through 2025 and into 2026, with growth estimates ranging from 3% to 7.7% for the current year.
The consensus forecast centers around 6.8% growth for 2025, supported by falling interest rates, strong migration patterns, and improving economic conditions. Looking ahead to 2026, the Treasury's Economic and Fiscal Update projects annual house price growth of 5.6%, before moderating to 5.3% by 2029.
Using the long-term average growth rate of 4.66% per annum, property price projections suggest the average Christchurch home could reach approximately $968,000 within five years and $1,217,000 within a decade. These projections assume continued economic stability and maintenance of current market fundamentals.
Several factors support these optimistic forecasts, including the Reserve Bank's ongoing reduction of the Official Cash Rate (currently at 3.5% as of April 2025), expectations of further cuts to potentially 2.5-2.75% by year-end, and Christchurch's relative affordability advantage over Auckland and Wellington.
However, forecasts depend heavily on external factors including government housing policies, global economic conditions, and the pace of new housing supply coming online through initiatives like Plan Change 14, which enables greater housing density in targeted areas.
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How do different property types compare in terms of price growth?
Standalone houses in Christchurch are experiencing the most consistent price growth, particularly in affordable suburbs where demand remains strong.
Recent market analysis reveals that 62% of suburbs saw standalone house prices rise or remain flat over the past three months, compared to only 54% for townhouses and flats. The disparity becomes more pronounced when examining growth rates above 2%, with standalone houses significantly outperforming attached dwellings.
Apartments and units in central Christchurch have shown the weakest performance, with some experiencing price declines as buyer preferences shift toward properties with more space and outdoor areas. This trend accelerated during and after the Covid-19 pandemic and continues to influence market dynamics in 2025.
| Property Type | Recent Performance | Buyer Demand | Investment Outlook |
|---|---|---|---|
| Standalone Houses | Strongest growth, 62% of suburbs rising | High - families and investors | Most favorable |
| Townhouses | Moderate growth, patchy performance | Moderate - first-home buyers | Location dependent |
| Apartments | Weakest growth, some declining | Lower - shifting preferences | Selective opportunities |
| Lifestyle Blocks | Steady appreciation | Growing - remote work trend | Long-term positive |
The preference for standalone houses reflects changing lifestyle priorities, with remote work flexibility allowing buyers to prioritize space over central location. This trend particularly benefits suburban areas with good amenities and reasonable commute times to the city center.
What are the current mortgage rates affecting Christchurch property buyers?
Mortgage rates in New Zealand have dropped significantly from their 2024 peaks, with the one-year fixed rate now at 4.99% as of April 2025.
This represents a substantial decrease from the 7.45% rates seen in early 2024, providing considerable relief to both existing homeowners and prospective buyers. The Reserve Bank has cut the Official Cash Rate five consecutive times, bringing it down to 3.5%, with market expectations of further reductions to potentially 2.5-2.75% by the end of 2025.
Major banks predict that short-term rates (six-month and one-year fixed) have room to fall further into the 4.5-5.0% range, while longer-term rates have likely bottomed out. Currently, 68% of mortgage brokers report that customers prefer locking in for one year or less, anticipating further rate decreases.
The impact on Christchurch's property market has been significant, with lower rates improving borrowing capacity and affordability. For example, a borrower who could afford a $540,000 mortgage at 7% interest rates can now afford approximately $620,000 at 5% while maintaining the same repayment amount.
These improving lending conditions, combined with the introduction of debt-to-income (DTI) restrictions in mid-2024 to prevent excessive borrowing, have created a more sustainable market environment that supports steady price growth without the risk of rapid escalation.
How has government housing reform impacted Christchurch prices?
The 2025 government housing reforms, particularly Plan Change 14 and the National Policy Statement on Urban Development, are reshaping Christchurch's property landscape.
These reforms enable significantly greater housing density in targeted areas including Hornby, Riccarton, and Linwood, allowing for more medium and high-density developments. While the immediate impact has been to boost market confidence by signaling future supply increases, the full effect on prices remains to be seen.
The reforms have created a two-fold effect on the market: supporting current price stability by assuring buyers of future supply while potentially moderating long-term price growth as new developments come online. Early indicators suggest the market has responded positively, with increased development activity in designated growth areas.
Additionally, changes to landlord tax deductibility rules, allowing 100% deductibility from April 2025 (up from 80%), combined with modifications to tenancy laws, have encouraged investor activity. However, investor numbers remain relatively low compared to historical levels, partly due to debt-to-income ratio restrictions.
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Where does Christchurch property growth rank compared to Auckland and Wellington?
Christchurch leads New Zealand's major cities in property market recovery and stability, significantly outperforming both Auckland and Wellington.
While Christchurch property prices sit just 0.5% below their post-Covid peak, Auckland remains 17.7% below its high, and Wellington faces an even larger gap of approximately 20%. This remarkable resilience positions Christchurch as the strongest performing major metropolitan market in the country.
| City | Average Price (2025) | From Peak | Annual Change | Recovery Timeline |
|---|---|---|---|---|
| Christchurch | $798,000 | -0.5% | +4.5% | July 2025 |
| Auckland | $1,391,023 | -17.7% | -0.5% | December 2028 |
| Wellington | $974,187 | -20% | +2.0% | 2031 |
| National Average | $914,504 | -11.7% | -1.3% | June 2027 |
The superior performance reflects several competitive advantages: Christchurch offers significantly better affordability with average prices 43% lower than Auckland, attracts 20% of New Zealand's new migrants, and maintains a more stable market with smaller corrections during downturns.
Analysts project Christchurch will return to its peak by July 2025, while Auckland won't recover until late 2028 and Wellington faces an extended recovery timeline stretching to 2031. This positions Christchurch as the most attractive major city for property investment in terms of near-term capital growth potential.
We made this infographic to show you how property prices in New Zealand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It's an easy way to spot where you might get the best value for your money. We hope you like it.
What economic factors are driving Christchurch property demand in 2025?
Strong net migration leads the economic factors propelling Christchurch's property market, with the city attracting 20% of all new migrants to New Zealand.
The 2023 Census data revealed that 27,000 people (7% of Christchurch's population) had relocated from the North Island within five years, while 9,000 international migrants arrived in 2024 alone. Canterbury has maintained the highest net gain from domestic migration of any New Zealand region for six consecutive years.
Employment strength across diverse sectors provides economic stability, with robust performance in primary industries, technology, construction, and healthcare creating job security and attracting new residents. The city's economy benefits from ongoing rebuild and infrastructure projects following the earthquakes, generating sustained construction activity.
Inflation has moderated to 4.7% in 2024, the lowest since early 2021, improving purchasing power and supporting buyer confidence. The Reserve Bank's easing monetary policy, with the OCR dropping to 3.5% and likely heading lower, has improved credit availability and reduced borrowing costs.
The combination of relative affordability (average prices 43% below Auckland), lifestyle advantages, strong economic fundamentals, and improving credit conditions creates a compelling environment for sustained property demand through 2025 and beyond.
Which areas offer the best investment opportunities in Christchurch?
Investment opportunities in Christchurch vary significantly by investor goals, with different suburbs excelling in rental yields versus capital growth potential.
For rental yield optimization, suburbs like Riccarton and Upper Riccarton (median $680,000) lead with strong student rental markets and high room-by-room yields. Sydenham and Spreydon (median $585,000) attract young professionals with affordability and city-fringe locations, while Papanui ($750,000) offers diverse housing options with excellent connectivity.
- Riccarton/Upper Riccarton - Student rental market stronghold with consistent demand
- Addington - Entertainment hub development driving rental demand at $595,000 median
- Halswell - New developments with strong growth potential at $820,000 median
- Shirley - Affordable entry point at $560,000 with good amenities
- Merivale - Premium suburb for long-term capital appreciation
- Sumner - Coastal lifestyle appeal with 6.5% long-term annual growth
- Strowan - Established area with consistent 6.8% annual appreciation over 20 years
The investment strategy should align with market positioning, as Christchurch offers opportunities for entry-level investors with limited deposits as well as portfolio diversification for established investors seeking standalone properties in growth corridors.
How is inflation affecting the Christchurch property market?
Inflation in New Zealand has dropped to 4.7% in 2024, providing a more favorable environment for Christchurch property buyers and supporting market growth.
The moderation from previous highs has enabled the Reserve Bank to implement consecutive OCR cuts, directly benefiting mortgage affordability. With inflation now closer to the target band of 1-3%, the central bank has room for further monetary easing, which market analysts expect will support property price growth.
Lower inflation has improved real wage growth, enhancing buyers' purchasing power and ability to service mortgages. Combined with falling interest rates, this creates a positive feedback loop where improved affordability drives demand, supporting price appreciation within sustainable bounds.
The Reserve Bank projects inflation will stabilize around 2.7% in 2025, remaining within the target band but allowing for continued monetary accommodation. This goldilocks scenario - neither too hot nor too cold - provides an ideal backdrop for steady property market growth without the boom-bust cycles of previous years.
Treasury forecasts anticipate this economic environment will support house price growth of 5.6% in 2026, reflecting confidence that current inflation trends and monetary policy settings create sustainable conditions for the Christchurch property market.
What do property experts predict for Christchurch's market trajectory?
Property experts unanimously predict continued steady growth for Christchurch's residential market, with the city expected to maintain its outperformance relative to other major New Zealand centers.
Leading economists and analysts forecast 2025 price growth between 3% and 7.7%, with most clustering around 6-7%. This consensus reflects confidence in Christchurch's fundamental strengths: sustained migration, relative affordability, economic diversity, and limited housing stock relative to demand.
CoreLogic analysts highlight Christchurch's resilience during the recent correction, falling only 6.8% from peak compared to Auckland's 22.3% decline. This shallow correction positions the market for a quicker recovery, with some suburbs already exceeding previous highs.
Bank economists emphasize the impact of falling interest rates, with mortgage rates expected to settle in the 4.5-5.5% range, significantly improving affordability calculations. Combined with strong population growth and employment stability, these factors create favorable conditions for sustained appreciation.
The expert consensus recognizes Christchurch as offering the best risk-adjusted returns among major cities, with steady growth potential, lower volatility, and strong fundamental demand drivers positioning it as New Zealand's most attractive major city property market through 2025-2027.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Yes, property prices in Christchurch are going up steadily, with recent growth of 3.11% over three months and strong momentum expected to continue through 2025 and beyond.
The market's proximity to its post-Covid peak, combined with favorable economic conditions, falling interest rates, and sustained migration, positions Christchurch as New Zealand's best-performing major city property market with the most optimistic near-term outlook.
Sources
- Opes Partners - Christchurch Property Market Analysis
- QV House Price Index - April 2025
- Harcourts - Christchurch Market Update March 2025
- OneRoof House Price Report - June 2025
- ChristchurchNZ - Housing Market Overview
- Canstar - Interest Rate Predictions 2025
- Global Property Guide - New Zealand Market Analysis
- Najib Real Estate - Christchurch House Prices 2025
- BambooRoutes - Christchurch Price Forecasts
- BambooRoutes - Christchurch Real Estate Market Statistics