Perspectives Property Report February 2024

The latest REINZ data states that the median days to sell in Canterbury is 31 days, with the median house sale price in Christchurch at $670,000 – which for comparison is around $100,000 less than the national median sale price and close to $300,000 less than the Auckland median sale price.  

Christchurch has historically always been a stable property market compared to other metro cities – with the exception of the earthquakes in 2011 and COVID, we just don’t see big peaks & troughs with house prices.  

Christchurch as a city as always been loved for its extremely easy commuting distances and its quality and balance of life – from the central city you are just 10-15 minutes drive to the beach, the same distance to the international airport and in a little over an hour you have a large selection of ski fields.  

As the Garden City of New Zealand, it is green & leafy and enjoys excellent biking and hiking trails.  It is very family friendly yet has a vibrant energy for those seeking great arts, culture and hospitality choices. 

We have seen an increase in North Island and overseas buyers looking to Canterbury as a lifestyle choice – either they’ve sold their businesses and are looking to relocate permanently, or they are able to continue their work from Christchurch.

There is also consistently strong interest from families around the South Island who have children at boarding school in Christchurch – these families are looking to take advantage of some great buying options in the inner city and Merivale, as a base for school holidays and a combined investment property option.

We are seeing a rise in ex-pats returning to Christchurch with their young families, or professionals returning home for a change of pace and taking advantage of excellent property values.  At a recent Fendalton property listing at 7 Wood Lane, around 90% of all people visiting the open homes were from overseas, with the eventual buyer an ex-pat Kiwi based in the US who purchased the home for himself, sight unseen.

Another home sold recently at 4 Betty Roberts Lane, Cashmere, had wide appeal from local families due to its Cashmere High School zone close proximity to the outdoor pursuits in the Port Hills however the eventual purchasers a couple who were downsizing from a large family home on Cashmere hills – making the move to a low maintenance lock & leave lifestyle.

We feel that Christchurch as at the precipice of a tipping point of property values – having been seriously undervalued compared to the rest of the country over the past decade, we predict that Christchurch is poised to experience a jump in values in the middle to upper price points over the next 2 – 5 years.  

With far greater buyer interest from outside of Christchurch and with our property values being well priced comparatively, supply and demand dictates that market forces will move the sale values upwards. 
In the immediate future we’re expecting a solid level of sales activity combined with easing interest rates which will keep prices very stable – and likely significant new sales records being set.  

There are a large number of very high end luxury homes which have been built in the last few years, which have not yet come to the market.  With these luxury homes becoming available, either publicly or off-market, they will undoubtedly set new records for a residential homes in Christchurch. 

A current listing for sale at 29 Garden Road, Merivale, is an example of bespoke luxury that is not often seen in the local market.  This beautiful home, inspired by Cape Dutch Architecture and clad in elegant Oamaru stone, features an exceptional master bedroom suite, a dedicated media room, a home gym with adjoining fully tiled sauna and a fully self contained separate cottage on the property – ideal for extended family or an office.

For ocean lovers, 27 Beachville Road in very popular Redcliffs is executive resort style living, and is ideal for a lock & leave situation.  Positioned on the Coastal Pathway route yet just 15 mins drive to the central city, this is a great option for families or professionals.

With a high quality of life on offer in Christchurch, easy access to the international airport and excellent comparative property values, the Christchurch property market should definitely be on the radar of any astute property investors and those looking for relocation options.  Here at NZ Sotheby’s International Realty, our team would be glad to assist with your buying or selling journey.