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
Christchurch's property market is showing steady resilience with prices stabilizing around NZ$775,000 despite increased inventory.
As of September 2025, the city offers rental yields of 4.6%, well above the national average of 4.0%, while maintaining relatively quick sales cycles of 35-45 days on the market. Population growth of 1.2% annually and major infrastructure investments worth over NZ$50 million are supporting future demand, though employment growth has recently softened with unemployment rising to 4.9%.
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Christchurch property prices have remained stable at NZ$775,000 with a minimal 0.2% decline year-on-year, while inventory has increased significantly from 1,568 to 2,700 properties available.
The rental market delivers strong yields at 4.6% compared to the national 4.0%, supported by low vacancy rates of 2.3% and consistent population growth projecting 50,000 new residents over the next decade.
| Market Indicator | Current Value | Trend |
|---|---|---|
| Average House Price | NZ$775,000 | -0.2% (12 months) |
| Properties for Sale | 2,700 | +72% vs last year |
| Days on Market | 35-45 days | Faster than national average |
| Rental Yield | 4.6% | Above national 4.0% |
| Population Growth | 1.2% annually | Consistent over 5 years |
| Building Consents | 649 (past year) | +2.6% increase |
| Vacancy Rate | 2.3% | Stable over 3 years |
| Mortgage Rates | 4.89% (1-year) | Down from 6% peak |
What's the current average house price in Christchurch, and how has it changed over the past year?
The current average house price in Christchurch sits at NZ$775,000 as of September 2025.
Property prices have experienced a minimal decline of 0.2% over the past 12 months, representing remarkable stability in the current market environment. This slight decrease contrasts with more volatile movements seen in other New Zealand cities, positioning Christchurch as a relatively steady market.
The current price level places Christchurch properties just NZ$3,000 below their post-COVID peak, indicating the market has largely maintained its value gains from the pandemic period. Some submarkets within Christchurch have actually shown marginal increases, while others have seen small declines, creating this overall flat trajectory.
This pricing stability reflects balanced supply and demand dynamics, with increased inventory being absorbed by steady buyer interest. The market is neither experiencing the rapid price growth of previous years nor the sharp corrections seen in some other regions.
For buyers, this represents an opportunity to enter a market that has found its equilibrium after years of volatility.
How many properties are currently available for sale compared to last year?
Approximately 2,700 properties are currently listed for sale in Christchurch as of September 2025.
This represents a significant 72% increase from the 1,568 properties available at the same time last year. This substantial rise in inventory indicates that sellers are more confident about bringing their properties to market, likely encouraged by the price stability and improved economic conditions.
The increased supply provides buyers with much greater choice and potentially more negotiating power compared to the constrained inventory levels of 2024. This shift from a tight supply market to a more balanced one is contributing to the stable pricing environment.
The higher inventory levels also suggest that properties may take slightly longer to sell as buyers have more options to consider, though sales cycles remain relatively quick by historical standards.
This inventory increase is a healthy market development that should support more transaction activity throughout the remainder of 2025.
What's the typical time a property stays on the market before selling?
Properties in Christchurch typically stay on the market for 35 to 45 days before selling as of September 2025.
This timeline is notably faster than the national average across New Zealand, indicating strong buyer demand relative to supply despite the increased inventory levels. In particularly popular suburbs, some properties are selling in under 30 days, demonstrating continued competition for well-positioned homes.
The relatively quick sales cycle reflects several positive market factors including competitive mortgage rates, steady population growth, and Christchurch's attractive value proposition compared to other major New Zealand cities. Properties priced appropriately for their location and condition are finding buyers efficiently.
The faster-than-national sales pace also indicates that buyer confidence in the Christchurch market remains solid, with purchasers willing to move decisively when they find suitable properties.
It's something we develop in our New Zealand property pack.
How do Christchurch rental yields compare to the rest of New Zealand?
Christchurch delivers gross rental yields averaging 4.6%, significantly outperforming the New Zealand national average of approximately 4.0%.
| Location | Median Property Price | Average Weekly Rent | Gross Rental Yield |
|---|---|---|---|
| Christchurch | NZ$700,000 | NZ$620 | 4.6% |
| New Zealand National | Variable | Variable | 4.0% |
| Auckland (comparison) | NZ$1,200,000+ | NZ$700+ | ~3.0% |
| Wellington (comparison) | NZ$900,000+ | NZ$600+ | ~3.4% |
| Hamilton (comparison) | NZ$750,000 | NZ$550 | ~3.8% |
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What has been Christchurch's population growth, and what's forecast for the next decade?
Christchurch has maintained steady population growth averaging 1.2% annually over the past five years.
The city's current population stands at approximately 410,000 residents as of 2025, representing consistent expansion that aligns closely with national growth trends. This stable growth pattern has provided a reliable foundation for housing demand without creating the volatile swings seen in some other regions.
Population projections for the next decade indicate Christchurch could add approximately 50,000 new residents by 2035, with high-growth scenarios suggesting the population could reach around 507,700 by 2043. This projected growth represents continued expansion at similar rates to recent years.
The population increase is driven by both natural growth and migration patterns, with Christchurch continuing to attract residents from other parts of New Zealand and internationally due to its relative affordability, quality of life, and employment opportunities.
This demographic foundation supports ongoing housing demand and provides a stable market environment for both owner-occupiers and investors.
How many new building consents have been issued, and what's the construction pipeline?
Christchurch issued approximately 649 new dwelling consents in the past 12 months, representing a 2.6% increase compared to the previous year.
This growth in building approvals is particularly significant given that many areas of New Zealand have experienced declining consent numbers during the same period. The increase demonstrates continued confidence from developers and builders in the Christchurch market's fundamentals.
The construction pipeline shows a healthy balance between maintaining adequate supply growth while avoiding oversupply that could destabilize pricing. The consent numbers align well with population growth projections, supporting sustainable market development.
New builds are distributed across various segments including standalone houses, townhouses, and apartment developments, providing diverse housing options for different buyer segments. The steady construction activity helps ensure the city can accommodate its growing population.
This construction momentum indicates the market has sufficient confidence to support ongoing development investment while maintaining supply-demand equilibrium.
What's the current rental vacancy rate and how has it changed recently?
The rental vacancy rate in Christchurch currently sits at approximately 2.3% as of September 2025.
This vacancy rate has remained remarkably stable over the past three years, holding steady after experiencing some fluctuation in the immediate post-2021 period. The consistency indicates a well-balanced rental market where supply and demand are closely matched.
A vacancy rate around 2-3% is generally considered healthy for a rental market, providing tenants with reasonable choice while ensuring landlords can maintain high occupancy rates. The stability suggests neither an oversupply that would pressure rents downward nor a severe shortage that would drive excessive rent increases.
This balanced rental market supports the strong yields that Christchurch delivers, as properties can be kept occupied consistently while maintaining competitive rental rates. The stability also provides confidence for investors considering rental property purchases.
The steady vacancy rate reflects the city's ongoing population growth creating consistent rental demand to match new supply coming to market.
How have mortgage interest rates changed, and what's the outlook?
Mortgage interest rates in New Zealand have declined significantly over the past 18 months, with current one-year rates around 4.89% as of September 2025.
Rates peaked above 6% in early 2024 before beginning a sustained decline as inflation pressures eased and the Reserve Bank of New Zealand adjusted monetary policy. This reduction of over 100 basis points has substantially improved affordability for borrowers and supported market activity.
The Reserve Bank of New Zealand forecasts rates to remain stable or potentially decline slightly further in 2026, contingent on inflation continuing to moderate toward target levels. This outlook provides a supportive environment for property buyers and investors considering leveraged purchases.
Lower rates have directly contributed to maintaining buyer demand despite increased property inventory, helping sustain the market's stability. The improved affordability from reduced rates has offset some of the challenges from higher property prices.
For property investors, the rate environment enhances returns by reducing borrowing costs while rental yields remain strong, improving overall investment metrics significantly compared to 2024.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in New Zealand versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What percentage of buyers are first-home buyers versus investors?
First-home buyers currently account for approximately 26% of property transactions in Christchurch as of September 2025.
Property investors represent about 23% of recent transactions, showing a slightly smaller but growing presence in the market. This indicates a relatively balanced buyer composition with owner-occupiers, first-home buyers, and investors all maintaining active participation.
The strong first-home buyer presence reflects Christchurch's relative affordability compared to other major New Zealand cities, making homeownership more accessible for younger buyers. Government initiatives and improved mortgage affordability have supported this segment's market participation.
The growing investor activity at 23% demonstrates renewed confidence in the rental market fundamentals, driven by strong yields and stable vacancy rates. This investor interest helps provide liquidity and support for overall market activity.
The balance between different buyer types creates a healthier market dynamic than regions dominated by any single buyer segment, supporting more sustainable price development and market stability.
What's the average weekly rent for a three-bedroom property?
A three-bedroom property in central Christchurch locations rents for an average of NZ$530 per week as of September 2025.
Rental rates show modest year-on-year growth, reflecting the balanced supply-demand dynamics in the rental market. In suburban and entry-level locations, three-bedroom properties typically rent for NZ$400 to NZ$450 per week, providing more affordable options for tenants.
The rental rate variation across different areas of Christchurch allows tenants to find accommodation suited to their budget while providing investment opportunities across various price points. Premium locations command higher rents while suburban areas offer better value.
These rental levels support the strong gross yields of 4.6% that make Christchurch attractive to property investors. The steady rental growth indicates healthy demand without the rapid increases that could price out tenants.
It's something we develop in our New Zealand property pack.
How do employment and wage conditions in Christchurch compare nationally?
Christchurch employment growth has recently softened, with the unemployment rate rising to 4.9%, marginally above the national New Zealand average.
Despite the employment growth cooling, average salaries in Christchurch sit at approximately NZ$73,000, which is notably above the New Zealand national mean of NZ$65,748. This wage premium of roughly 11% helps offset some concerns about employment trends and supports housing affordability.
The higher average wages combined with more affordable housing costs compared to Auckland and Wellington create a favorable cost-of-living equation for Christchurch residents. This wage advantage helps explain the city's continued population growth despite employment challenges.
While unemployment has increased slightly, the rate remains within reasonable bounds and the wage levels continue to support housing demand. Many sectors in Christchurch still show strength, particularly those related to construction, healthcare, and services.
The employment situation bears monitoring, but the current levels are not severe enough to significantly undermine housing market fundamentals given the wage advantages and other positive factors.
What major infrastructure projects could influence property demand?
Several major infrastructure projects worth over NZ$50 million are planned or underway in Christchurch that will likely boost property demand.
1. **New hospital developments** - Major healthcare facility expansions and upgrades improving medical services capacity2. **Water supply infrastructure upgrades** - Including significant enhancements to the Lyttelton water main system3. **Prison facility development** - Large correctional facility projects creating construction employment and ongoing operational jobs4. **Rail corridor improvements** - Enhanced rail connections supporting better transport links regionally and nationally5. **Road infrastructure investments** - Major highway and arterial road upgrades improving connectivity and reducing congestionThese infrastructure investments collectively represent hundreds of millions in government and private sector spending, creating both construction employment and longer-term operational jobs. The projects address critical infrastructure needs while enhancing Christchurch's attractiveness as a place to live and work.
Healthcare and transport improvements particularly enhance quality of life factors that influence residential location decisions. Better infrastructure supports population growth and helps attract skilled workers to the region.
The sustained infrastructure investment indicates long-term commitment to Christchurch's development and should provide ongoing support for property values through improved amenities and employment opportunities.
It's something we develop in our New Zealand property pack.
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.
Christchurch presents a balanced property market with stable pricing, strong rental yields, and supportive infrastructure development that positions it well for continued steady growth.
The combination of 4.6% rental yields, improving mortgage rates, and major infrastructure projects creates a compelling environment for both owner-occupiers and investors seeking exposure to New Zealand's South Island property market.
Sources
- Opes Partners - Christchurch Property Market
- RNZ - Average House Prices Report
- Trade Me - Christchurch Property Market Insights
- Hayden Roulston - Average Time to Sell
- Hayden Roulston - Best Rental Yields NZ
- Rentworks - Market Comment May 2025
- Cotality - First Home Buyer Activity
- Squirrel - Christchurch Property Market Update
- Stats NZ - Building Consents Issued
- NZ Government - Infrastructure Investment