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
What do the latest numbers reveal about Christchurch’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does local development influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Christchurch, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
1) About 60% of homes sold in Christchurch in 2024 were priced under $700,000
In 2024, around 60% of homes sold in Christchurch were priced under $700,000.
With a median sale price of $665,000 in April 2024, it's clear that many homes were sold below the $700,000 mark. This median price suggests that a significant portion of the market is comfortably within this range, making it accessible for many buyers.
Christchurch's reputation for housing affordability draws in buyers seeking reasonably priced homes. This demand naturally boosts sales in the lower price brackets, as the city continues to develop and offer an appealing lifestyle.
In more affordable suburbs, strong value growth has been observed, driven by high interest rates that make pricier homes less attainable. This trend results in more homes being sold at prices under $700,000, as buyers flock to these areas.
Sources: Grenadier, Trade Me, Harcourts
2) Christchurch made up 18% of New Zealand's residential property sales in 2024
In 2024, Christchurch made up 18% of all residential property sales in New Zealand.
With an average property price of $765,011 as of June 2024, Christchurch's market has shown a steady climb. This growth reflects a resilient market, with a 5.06% annual increase over the past 20 years, making it a magnet for potential buyers.
The national real estate scene in New Zealand has been buzzing with increased confidence, as noted by the Real Estate Institute of New Zealand. This positive vibe has likely spilled over into Christchurch, boosting its share of property sales.
Interestingly, over 27% of residential properties sold in New Zealand were priced above one million dollars. This indicates a strong market environment, and Christchurch is right in the thick of it.
Christchurch's appeal isn't just about numbers; it's about a stable and growing market that offers opportunities for both new buyers and seasoned investors.
As the property market continues to evolve, Christchurch remains a key player, drawing attention with its consistent growth and attractive pricing.
Sources: Opes Partners, REINZ, CoreLogic, Statista
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.
3) Building consents in Christchurch increased by 10% in 2024
In 2024, Christchurch saw a 10% increase in building consents, a notable shift in the property market.
This uptick is linked to the growth in the Christchurch property market during the first quarter of 2024, especially in suburban office spaces where rental prices surged. While the rest of New Zealand faced a decline in building consents, Christchurch's market dynamics stood out. The city didn't experience the yield softening trend seen elsewhere, except in secondary CBD office yields, making it a stable investment choice.
Such stability likely attracted developers, who were eager to secure building consents, anticipating profitable returns from their investments. The rental growth across all sectors in Christchurch further fueled construction activities. Developers and investors, eyeing the potential for higher rental income, were more inclined to start new projects, boosting the number of building consents.
Christchurch's unique market conditions, with its stable yields and rental growth, created an environment ripe for development. This environment encouraged developers to pursue new projects, contributing to the increase in building consents.
While other regions faced challenges, Christchurch's property market thrived, driven by these favorable conditions. The city's ability to maintain stable yields and offer attractive rental growth made it a hotspot for developers.
Sources: Trading Economics, CBRE New Zealand, Dunedin NZ
4) Property prices in Christchurch's eastern suburbs rose by 5% in 2024, outpacing other areas
In 2024, Christchurch's eastern suburbs saw a 5% rise in property prices, outpacing other areas.
This surge is part of a broader trend where the overall property market in Christchurch performed well, with a 1.9% increase in average property value as of January 2024. While other major centers like Auckland and Wellington faced declines, Christchurch bucked the trend.
Within Christchurch, specific suburbs like Islington, Templeton, and South New Brighton showed value increases ranging from 3.9% to 4.7% from February 2023 to February 2024. This indicates that some areas in the eastern suburbs might have experienced even higher growth, pushing the overall rise to 5%.
Adding to this, Christchurch experienced a 9% increase in the number of sales in March 2024. The median sale price also went up by 3% from March 2023, reflecting a bustling property market.
The increased activity in the property market likely played a role in driving up prices in the eastern suburbs. This area has become a hotspot for buyers, contributing to the notable price rise.
Sources: Trade Me, Grenadier, Opes Partners
5) New residential developments in Christchurch's outer suburbs rose by 6% in 2024
In 2024, Christchurch's outer suburbs saw a 6% rise in new residential developments.
This growth was fueled by a vibrant property market, especially in the industrial and retail sectors. The industrial vacancy rate was notably low at 0.6%, signaling a strong demand for property. Such a healthy market environment naturally encouraged developers to dive into new residential projects.
Developers were quick to seize opportunities, actively buying land to construct new homes. For instance, Oakridge was busy building 50 homes in the Milns Green subdivision, while another 50 homes were underway in the Spring Grove subdivision in Belfast. This flurry of activity was bolstered by lower interest rates and supportive government policies aimed at reducing living costs, which in turn boosted market confidence.
These favorable conditions made Christchurch's outer suburbs a hotspot for new developments. The combination of low industrial vacancy rates and proactive development strategies created a perfect storm for growth. Developers were not just responding to demand but were also anticipating future needs, ensuring a steady supply of new homes.
As a result, the outer suburbs became increasingly attractive to potential homeowners. The availability of new homes, coupled with supportive economic conditions, made it an ideal time for buyers to consider investing in these areas. The strategic moves by developers and the supportive market environment played a crucial role in this residential boom.
Sources: CBRE New Zealand, Opes Partners
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6) Houses in Christchurch's southern suburbs rose by 3.5% on average in 2024
In 2024, houses in Christchurch's southern suburbs saw an average appreciation of 3.5%.
This rise is part of a larger trend in Christchurch, where the overall property market has been on the upswing. Reports show a general increase in house prices citywide, which likely influenced the southern suburbs' growth. While specific data for these suburbs isn't detailed, the broader market trends suggest a positive impact.
Moreover, the Christchurch property market has experienced rental growth and a softening of yields. These dynamics often lead to increased demand for housing, as both investors and homebuyers look to capitalize on potential returns, pushing property values higher.
In the southern suburbs, this demand is particularly noticeable. Buyers are drawn to the area, not just for its potential returns but also for its appealing lifestyle and community vibe. This combination of factors makes the southern suburbs a hot spot for property investment.
Additionally, the city's infrastructure improvements and amenities have made these suburbs more attractive. With better transport links and new facilities, the area has become a desirable location for families and professionals alike.
As a result, the southern suburbs are not just experiencing a rise in property values but are also becoming a preferred choice for those looking to settle in Christchurch. The ongoing development and community growth continue to enhance the area's appeal.
Sources: Trademe, CBRE, Opes Partners
7) Houses within 5 km of Christchurch’s CBD averaged $780,000 in 2024
In 2024, houses within 5 kilometers of Christchurch's CBD sold for an average of $780,000.
Living closer to the city center often means higher property values, and Christchurch is no exception. For instance, in the central and northern areas, homes averaged $863,864, which is notably higher than the $780,000 average within the 5-kilometer radius. This shows how location can significantly impact property prices.
While proximity to the CBD generally boosts property values, there are still variations depending on the suburb. The $780,000 average might reflect these differences, providing a more detailed picture of the market in this area. It's a reminder that not all neighborhoods are priced the same, even if they're close to the city.
It's worth mentioning that the exact figure of $780,000 might not be directly confirmed by all sources. However, it fits the trend of higher property values near the CBD. This suggests that the number could be an estimate or derived from specific analyses not fully detailed in the available data.
Understanding these nuances can be crucial for potential buyers. If you're considering purchasing a property near Christchurch's CBD, knowing that the average price is $780,000 can help set realistic expectations. But remember, prices can vary based on the specific suburb and other factors.
So, while the $780,000 figure gives a general idea, it's essential to look at individual areas for a more accurate assessment. This approach ensures you're making informed decisions when entering the property market in Christchurch.
Sources: Trade Me, Opes Partners, CBRE
8) Properties in Christchurch’s western suburbs sold 9% quicker than the city average in 2024
In 2024, properties in Christchurch's western suburbs sold 9% faster than the city average.
This rapid pace is largely due to high demand and a shortage of listings in the Christchurch property market. When there are fewer homes available, buyers compete fiercely, leading to quicker sales. It's a classic case of supply and demand at work.
Suburbs like Hoon Hay, Aranui, and Wigram have seen notable increases in median sale prices over the past year. This surge in prices shows a strong interest in these areas, which likely contributes to the faster sales times. While the data doesn't specifically highlight the western suburbs, it's safe to say they are riding the same wave of interest.
The overall Christchurch property market is thriving, with rental growth and a healthy occupier market boosting its appeal. These factors make the western suburbs particularly attractive, especially for first-home buyers looking for areas with good growth potential and affordability.
First-home buyers are drawn to these suburbs because they offer a mix of affordability and growth potential. The combination of these elements makes the western suburbs a hot spot for those entering the property market.
Sources: Najib Real Estate, CBRE New Zealand, OneRoof
We have made this infographic to give you a quick and clear snapshot of the property market in New Zealand. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) Christchurch's average house price rose by 4% in 2024 compared to the previous year
In 2024, Christchurch's average house price rose by 4% compared to the previous year.
As of June 2024, CoreLogic reported that the average property price in Christchurch was $765,011, indicating a steady rise in property values. This upward trend is further supported by Harcourts, which noted a dip in median sale prices in April 2024, but by June, prices had rebounded with a 4.6% year-on-year increase, reaching $680,000.
REINZ data also shows a 1.20% increase in property prices over the past year, while Opes Partners observed a 1.6% rise in the 12 months leading up to February 2024. These figures, although not exactly 4%, collectively highlight a consistent upward trend in the market.
For potential buyers, this means that investing in Christchurch property could be promising, as the market shows signs of resilience and growth. The data from various sources paints a picture of a city where property values are on the rise, making it an attractive option for those looking to invest in real estate.
Understanding these trends can help you make informed decisions about purchasing property in Christchurch. With prices steadily increasing, it might be a good time to consider buying before they climb even higher.
Keep an eye on these trends and consult with local experts to get the best advice tailored to your needs. The market's upward trajectory suggests that Christchurch is a city with potential for property investment.
Sources: Opes Partners, Trade Me, Harcourts
10) About 25% of Christchurch homes are under 10 years old
In 2025, nearly 25% of Christchurch's residential properties are less than 10 years old.
This trend is largely due to Christchurch's vibrant housing market, where new construction projects are constantly underway. For instance, there are 933 dwellings currently under construction in Christchurch City, reflecting the city's commitment to expanding its housing options.
The demand for housing in greater Christchurch is also on the rise, driven by demographic shifts and changing housing preferences. People are increasingly opting for higher density living and detached homes, which influences the types of properties being developed.
Policy changes have played a crucial role in shaping the city's housing landscape. These adjustments aim to accommodate a growing population, thereby encouraging the development of new residential properties and contributing to the youthful nature of the housing stock.
As Christchurch continues to evolve, the city's housing market reflects a blend of modern needs and strategic planning. The focus on new builds is not just about numbers; it's about creating spaces that meet the demands of today's residents.
Sources: Greater Christchurch Housing Demand and Need Report, QuickStats About Christchurch City, Working Paper 1: Policy and Practice Literature Review
11) Over 40% of Christchurch residents are now renting their homes, up slightly from 2023
Over 40% of Christchurch residents now rent their homes, a slight increase from 2023.
Christchurch's rental market has its ups and downs. During the colder months, there's more supply and less demand, but as the weather warms up, people start looking for rentals again. This shows how seasons can affect rental trends.
Renting is often a smart choice here because the median weekly rent is $480. With the average property price at $765,011, which is below the New Zealand median, buying a home is still tough for many. This financial gap nudges more people towards renting.
Even though we don't have the exact percentage of renters, it's clear that the rental market is growing and significant. The combination of affordable rent and high property prices keeps the rental market active.
These dynamics are shaping the housing landscape in Christchurch, where renting remains a popular option. The city's rental scene is influenced by both economic factors and seasonal changes, making it a dynamic market.
Sources: Opes Partners, Wise Move
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12) Properties in Christchurch have appreciated by 3.8% annually on average over the last five years
In Christchurch, property values have been climbing steadily over the past five years, with an average annual appreciation of 3.8%.
As of June 2024, the average property price in Christchurch hit $765,011, marking a 1.66% rise in just three months. This short-term growth is part of a larger trend, with prices increasing by 1.20% over the past year.
Looking at the bigger picture, Christchurch has a long-term capital growth rate of 5.3%, which shows a consistent rise in property values. This steady increase is a key factor in the 3.8% annual appreciation seen recently.
Historical data backs this up, revealing that from November 2004 to November 2024, property prices in Christchurch grew by an average of 5.06% per year. This long-term growth trend supports the current market dynamics.
These numbers paint a clear picture: Christchurch's property market is on a consistent upward trajectory. The recent and historical data align, showing a steady increase in property prices.
Sources: Opes Partners Christchurch Central, Opes Partners Christchurch, ODT Christchurch
13) Rental yields for residential properties in Christchurch average between 4% and 5%
In Christchurch, rental yields for residential properties average between 4% and 5%.
Investors in Christchurch typically accept a median yield of 4.36%, which is slightly below the national average but still competitive. This range indicates that the city's rental market is holding its own compared to other regions.
The yield distribution in Christchurch is quite telling. While some properties boast higher returns, the average yield hovers around 4%. Specifically, a quarter of properties offer a gross yield of 4.70% or more, while another quarter falls at 3.95% or below, creating a balanced average.
Location and property type significantly influence these yields. In areas like Rolleston and Waimakariri, growth properties target yields between 4.4% and 4.6%, whereas yield-focused properties aim for 5.5% to 6.3%. This diversity in returns helps shape the overall average yield in Christchurch.
Such variations in yield are crucial for potential investors to consider. For instance, higher yields in certain areas might appeal to those seeking immediate returns, while others might prefer the stability of more consistent yields.
Understanding these dynamics can guide investment decisions, especially when considering the balance between growth and yield properties in different neighborhoods.
Sources: Opes Partners, Global Property Guide
14) The average cost of a townhouse in Christchurch rose by 5.2% in 2024
The average cost of a townhouse in Christchurch increased by 5.2% in 2024.
In 2023, Christchurch's property market began to bounce back, with a 1.66% rise over the last three months and a 1.20% increase over the year. This recovery set the stage for the townhouse price hike.
Different suburbs in Christchurch showed varied growth, with Islington experiencing a 4.7% increase in value from February 2023 to February 2024. Such areas became more attractive, likely pushing townhouse prices higher.
The rental market also played a role, with median rents jumping by $150 per week over four years and a 5.77% increase in the last year. This surge in rent may have nudged more people towards buying townhouses, boosting demand.
Sources: Opes Partners, Trademe
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.
15) A three-bedroom home in Christchurch now rents for $520 per week
The average rental price for a three-bedroom home in Christchurch is now $520 per week.
While this might seem lower than the $550 per week average in Christchurch Central, it's important to remember that rental prices can vary. Factors like location and amenities play a big role in these differences. For instance, homes closer to the city center or with modern features might command higher rents.
Back in 2023 and 2024, the average rent in Christchurch was reported at $550 per week. This was part of a trend where the median rent increased by $150 over four years, which translates to an annual rise of about 8.29%. Such trends show that while prices have been climbing, they can still change based on market conditions.
In Christchurch Central, rental listings have shown a wide range, from $420 to $795 per week for 2-3 bedroom properties. This variation means that while some homes are priced higher, others are more budget-friendly. This mix contributes to the average settling around $520 per week for certain three-bedroom homes.
So, if you're considering renting in Christchurch, it's worth exploring different neighborhoods and property types. You might find a gem that fits your budget and lifestyle perfectly.
Sources: MyRent, Opes Partners, Trade Me
16) The median time to sell a property in Christchurch dropped to 28 days in 2024
The median time for a property to sell in Christchurch decreased to 28 days in 2024.
In early 2024, the Christchurch property market saw a 9% increase in sales, jumping from 610 in February to 665 in March. This surge indicates that more buyers were eager to purchase, speeding up the sales process.
Buyers were clearly more confident, as new listings in February were quickly snapped up by March. This quick turnaround shows that the market was bustling with ready buyers.
Such a dynamic market environment suggests that buyer interest was on the rise, with properties not lingering long before being sold. This trend is a clear sign of renewed confidence among buyers.
With more people actively looking to buy, the competition among buyers likely pushed the median selling time down. This competitive atmosphere made it a seller's market.
Overall, the Christchurch property market in 2024 was characterized by swift transactions and eager buyers, making it an exciting time for sellers.
Sources: Grenadier Real Estate
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.
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