Canterbury’s property market on the rise.

As a 20-year veteran of the Canterbury property scene, Rosa Carter—owner of the New Zealand Sotheby’s International Realty Christchurch office—has witnessed the dynamics of this unique market firsthand. Often defying national trends, Christchurch has faced its share of challenges over the years. Here, Rosa shares her insights on achieving success amidst these challenges and why she believes the future of the Canterbury property market is looking promising.

In August 2023, the NZSIR brand returned to Christchurch, marking both a homecoming and a fresh start. After a hiatus following the earthquakes, we re-entered the market, embracing new challenges—and opportunities.

As we head into 2025, we see Christchurch, much like the rest of New Zealand, being full of potential.

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A market characterised by stability rather than volatility

Many are drawn to Christchurch not only for its family-friendly lifestyle but also for its consistent and steady growth. Unlike the sharp peaks and troughs experienced in markets like Auckland or Wellington, Christchurch has maintained stable property prices post-COVID and beyond. While a stable market might offer slower capital gains than other regions, it has little bearing on those planning a permanent move.

Currently we are seeing a diverse range of buyers in Canterbury. This covers Kiwis who have worked abroad and now want to return to New Zealand to raise families and be near aging parents, those escaping the hustle and bustle of bigger NZ cities, and internationals looking to gain residency and bring their families to Christchurch’s appealing lifestyle.

 

An evolving market

Following years of post-earthquake rebuilding, the city is now experiencing an influx of high-end homes entering the market. Many of these properties have taken time to come to market as homeowners resolve insurance settlements.

Additionally, there is a rapidly growing demand for inner-city living, which is fuelling the development of high-end apartments. These green shoots, combined with the renowned appeal of the Christchurch lifestyle, paint a very positive picture for the South Island’s largest city.

While Christchurch may have once been seen as the quiet cousin to larger city centres, we are seeing a shift. There is now pay parity with Auckland and Wellington, and post-quake redevelopment has created a far more mature feel to the city. These factors bring diversity, and with it, a wide range of budgets. 

This positive shift is evident in recent sales data. A few years ago, a $6 million sale was rare— last year, we saw five sales exceed $7 million, marking a significant shift for the region.

 

Connecting with international buyers 

New Zealand Sotheby’s International Realty’s global networks have been key in connecting with overseas buyers, whether expats returning home or new residents. NZSIR’s smart marketing channels help us reach and connect with potential investors, making these networks vital for expanding our client base and success in the market.

 

The domino effect 

We are also seeing a strong trend of locals wanting to upsize, often those who have sold a business or lifestyle property and have cash in hand. This creates a domino effect as more equity and inventory are released into the market.

I’m confident it is only a matter of time before Christchurch sees sale prices akin to Auckland or Queenstown. While $20 million sales aren’t here yet, they could be in the next five to seven years.

The redevelopment of Christchurch’s CBD is also adding to the surge. New projects, like the upcoming stadium, and other commercial and infrastructure projects are making city living more attractive. Right now, apartment prices can range from $800,000 to $3 million, but I believe there is potential for higher prices if developers can provide new stock at the higher end of the market.

 

Building a team

With Christchurch picking up pace  last year, we’ve been busy refining our team and operations. Our philosophy is to bring in experienced agents who are keen to boost their skills and professionalism. This approach has cultivated a team of passionate professionals who are able to offer a premium service as Christchurch moves into its growth phase.

For aspiring real estate agents, this industry is constantly evolving, offering opportunities to learn and grow. Over the last year, we’ve learnt that investing in people who thrive on change and growth is the key to success. Success in this industry requires the ability to see real estate as both a service and an adventure, requiring passion, and most importantly, a commitment to growth.

As the region flourishes, our Christchurch team is well-positioned to be part of the growth.