Canterbury - Christchurch

Christchurch

After considerable interference in the Christchurch market after the earthquake there are still unknown details about the Christchurch Market. Hopefully this page can improve the information flow, if not the exact stats.

Rental inventory is growing, but may simply be following a seasonal trend, that data does not support seasonal variations.

Rental inventory is now very low compared to any other period since the earthquake, which in turn is driving prices up after a long period of stagnant prices caused by overbuilding. Migration to Christchurch may be high, filling the vacant homes, that needs more research - BTW the govt publishes internal migration, which may help.

From Facebook comments of locals:

Jennifer Dalziel: "Since the EQ As is Where is houses ( with no EQ repairs completed) sell at about 50-60% of their repaired value.. this has dragged the average down.. Many As is houses are still sold today.”

Chris Mckernan: "Also counteracting the as is places is that CHCH stock is generally in much, much better condition than most parts of NZ. Nearly every house has been renovated or demolished and rebuilt.” He is also an advocate of renovating AS-IS houses as an opportunity for very good gains, suggesting underpricing.

The data is confusing here, but rents are now increasing quickly and supply is low for rentals,while sales prices appear to be holding up from homes.co.nz data on suburbs.

Prices quoted here are from MBIE’s geometric mean rent series, I have simply reproduced the data in an annual format to show seasonality. The drop in prices in March will be due to the mix of properties rented in January/February, which will be skewed to large homes used for student flats, raising the apparent price. However note the high $462 December 2021 mean rent, December has had high rents in previous years, but usually lower than the previous January.

Rental Prices


Jonette 2011