Canterbury Property Market

This article breaks down all the most essential facts about the Canterbury property market.

The Canterbury property market is made up of 9 districts and 134 suburbs. These districts are the Christchurch City, Kaikoura, Hurunui, Waimakariri, Selwyn, MacKenzie, Ashburton, Timaru and Waimate.

As at November 2020, the median house price in Canterbury is $526,000. This is up from $336,000 10 years earlier. That means that the median Canterbury property increased in value by 5.43% each year, or $21,600 on average.

The most expensive suburb in Canterbury is Kennedys Bush, which has a median house price of $1,152,450 and is located in Christchurch City district. That means that Kennedys Bush's median house price is 2.19x Canterbury’s median.

The least expensive suburb in Canterbury is Waimate, which has a median house price of $302,750 and is located in Waimate district. That means that Waimate’s median house price is 42.44% cheaper than Canterbury’s median.

Over the last 21 years (Jan 2000 – Dec 2020), Kensington had the fastest-growing house prices in all of Canterbury, at 7.85% per year. That is 22.90% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Westmorland, which grew at a rate of 4.31% per year. That’s 32.53% slower than the median Canterbury house price.

On average, over the last 28 years, Canterbury’s median house price has been 87.65% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Canterbury’s median house price should track back to this long term average.

That suggests that when Canterbury’s median house price is below its long term average, there is a buying opportunity. When Canterbury’s median house price is above its long term average, there are buying opportunities in other regions.

As of September 2019, Canterbury’s median house price was 72.03% of New Zealand’s median house price. That is 17.82% below its long term ratio, which suggests there is a buying opportunity in Canterbury.

The Christchurch property market is made up of 85 suburbs. The most expensive suburb is Kennedys Bush, which has a median house price of $1,152,450. While the most affordable suburb is Phillipstown, which has a median house price of $307,550.

Over the last 21 years of all Christchurch City suburbs (Jan 2000 – Dec 2020), Strowan had the fastest-growing house, at 6.05% per year. That is 5.24% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Westmorland, which grew at a rate of 4.31% per year. That’s 32.53% slower than the median Canterbury house price.

The Ashburton district is made up of 8 suburbs. The most expensive suburb is Elgin, which has a median house price of $548,350. While the most affordable suburb is Hampstead, which has a median house price of $326,350.

Over the last 21 years of all Ashburton district suburbs (Jan 2000 – Dec 2020), Hampstead had the fastest-growing house, at 5.99% per year. That is 6.21% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Allentown, which grew at a rate of 5.41% per year. That’s 15.33% slower than the median Canterbury house price.

The Hurunui district is made up of 3 suburbs. The most expensive suburb is Hanmer Springs, which has a median house price of $553,450. While the most affordable suburb is Leithfield, which has a median house price of $422,400.

Over the last 24 months of all Hurunui district suburbs (Dec 2018 – Dec 2020), Hamner Springs had the fastest-growing house, at 5.68% per year. That is 34.86% slower than the median Canterbury house price over the same period.

The suburb that grew the slowest over that period was Amberley, which grew at a rate of 3.28% per year. That’s 62.38% slower than the median Canterbury house price.

The Kaikoura district is made up of 1 suburb, also named Kaikoura, which has a median house price of $482,650.

Over the last 24 months the median Kaikoura house value grew by 6.15%, which is 29.49% slower than the median Canterbury house price over the same period.

The Waimakariri district is made up of 8 suburbs. The most expensive suburb is Pegasus, which has a median house price of $577,400. While the most affordable suburb is The Pines Beach, which has a median house price of $381,600.

Over the last 24 months of all Waimakariri district suburbs (Dec 2018 – Dec 2020), The Pines Beach had the fastest-growing house, at 5.14% per year. That is 41.06% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Rangiora, which grew at a rate of 3.15% per year. That’s 63.87% slower than the median Canterbury house price.

The MacKenzie district is made up of 2 suburbs. The most expensive suburb is Twizel, which has a median house price of $528,900. While the most affordable suburb is Fairlie, which has a median house price of $383,550.

Over the last 24 months of all MacKenzie district suburbs (Dec 2018 – Dec 2020), Fairlie had the fastest-growing house, at 9.33% per year. That is 6.95% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Twizel, which grew at a rate of 6.99% per year. That’s 19.85% slower than the median Canterbury house price.

The Selwyn district is made up of 11 suburbs. The most expensive suburb is West Melton, which has a median house price of $847,250. While the most affordable suburb is Southbridge, which as of November 2020 has a median house price of $394,850.

Over the last 24 months of all Selwyn district suburbs (Dec 2018 – Dec 2020), Tai Tapu had the fastest-growing house, at 2.60% per year. That is 70.23% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Springston, which grew at a rate of 1.40% per year. That’s 83.98% slower than the median Canterbury house price.

The Timaru district is made up of 15 suburbs. The most expensive suburb is Gleniti, which has a median house price of $586,400. While the most affordable suburb is Kensington, which has a median house price of $334,900.

Over the last 21 years of all Timaru district suburbs (Jan 2000 – Dec 2020), Kensington had the fastest-growing house, at 7.85% per year. That is 22.90% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Geraldine, which grew at a rate of 6.38% per year. That is 0.18% slower than the median Canterbury house price.

The Waimate district is made up of 1 suburb, also named Waimate, which has a median house price of $302,750.

Over the last 24 months (Dec 2018 – Dec 2020), Waimate house prices grew by 8.76%. That is 0.44% faster than the median Canterbury house price.

If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.