Canterbury Property Market

Introduction

Looking to Invest or buy a property in Canterbury?

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.

Median Canterbury House Price

Canterbury's Median House Price is $474,000

As at February 2020, the median house price in Canterbury is $474,000. This is up from $305,500 10 years earlier. That means that the median Canterbury property increased in value by 4.49% each year, or $16,850 on average.

The most expensive suburb in Canterbury is Scarborough, which has a median house price of $1,162,000 and is located in Christchurch City district. That means that Scarborough’s median house price is 2.45x Canterbury’s median.

The least expensive suburb in Canterbury is Waimate, which has a median house price of $290,350 and is located in Waimate district. That means that Waimate’s median house price is 38.7% cheaper than Canterbury’s median.

Over the last 20 years (Jan 2000 – Mar 2020), Kensington had the fastest-growing house prices in all of Canterbury, at 107.86% per year. That is 32.3% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Westmorland, which grew at a rate of 4.29% per year. That’s 27.78% slower than the median Canterbury house price.

Canterbury House Prices Comparison with NZ

Canterbury House Prices Comparison with NZ

On average, over the last 27 years, Canterbury’s median house price has been 88.06% 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 Dec 2019, Canterbury’s median house price was 74.63% of New Zealand’s median house price. That is 15.25% below its long term ratio, which suggests there is a buying opportunity in Canterbury.

Christchurch Property Market

Christchurch Property Market

Christchurch City is made up of 85 suburbs. The most expensive suburb is Scarborough, which has a median house price of $1,162,000. While the most affordable suburb is Phillipstown, which has a median house price of $295,450.

Over the last 20 years of all Christchurch City suburbs (Jan 2000 – Mar 2020), Strowan

had the fastest-growing house, at 6.08% per year. That is 2.36% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Westmorland, which grew at a rate of 4.29% per year. That’s 27.78%% slower than the median Canterbury house price.

Ashburton Property Market

Ashburton Property Market

The Ashburton district is made up of 8 suburbs. The most expensive suburb is Elgin, which has a median house price of $532,150. While the most affordable suburb is Hampstead, which has a median house price of $295,050.

Over the last 20 years of all Ashburton district suburbs (Jan 2000 – Mar 2020), Tinwald had the fastest-growing house, at 5.75% per year. That is 3.20% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Ashburton, which grew at a rate of 5.41% per year. That’s 8.92% slower than the median Canterbury house price.

Hurunui Property Market

Hurunui Property Market

The Hurunui district is made up of 3 suburbs. The most expensive suburb is Hanmer Springs, which has a median house price of $520,400. While the most affordable suburb is Leithfield, which has a median house price of $394,150.

Over the last 17 years of all Hurunui district suburbs (Mar 2003 – Mar 2020), Amberley had the fastest-growing house, at 6.12% per year. That is 5.56% slower than the median Canterbury house price over the same period.

The suburb that grew the slowest over that period was Hamner Springs, which grew at a rate of 5.77% per year. That’s 10.96% slower than the median Canterbury house price.

Kaikoura Property Market

Kaikoura Property Market

The Kaikoura district is made up of 1 suburb, also named Kaikoura, which has a median house price of $472,750.

Over the last 12 months the median Kaikoura house value grew by 8.24%, which is 97.1% faster than the median Canterbury house price over the same period.

Waimakariri Property Market

Waimakariri Property Market

The Waimakariri district is made up of 8 suburbs. The most expensive suburb is Woodend Beach, which has a median house price of $556,500. While the most affordable suburb is The Pines Beach, which has a median house price of $360,500.

Over the last 20 years of all Waimakariri district suburbs (Jan 2000 – Mar 2020), Oxford had the fastest-growing house, at 5.39% per year. That is 11.06% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Kaiapoi, which grew at a rate of 4.69% per year. That’s 22.6% slower than the median Canterbury house price.

MacKenzie Property Market

MacKenzie Property Market

The MacKenzie district is made up of 2 suburbs. The most expensive suburb is Twizel, which has a median house price of $529,000. While the most affordable suburb is Fairlie, which has a median house price of $356,750.

Over the last 20 years we only have long range house price data for Twizel, which has grown at an average of 11.0% per year (Feb 2001 – Feb 2020). That is 80.9% faster than the median Canterbury house price over a similar time frame.

Selwyn Property Market

Selwyn Property Market

The Selwyn district is made up of 11 suburbs. The most expensive suburb is West Melton, which has a median house price of $829,250. While the most affordable suburb is Southbridge, which has a median house price of $376,700.

Over the last 15 years of all Selwyn district suburbs (Jan 2005 – Mar 2020), Leeston had the fastest-growing house, at 4.57% per year. That is 0.44% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Rolleston, which grew at a rate of 3.56% per year. That’s 22.4% slower than the median Canterbury house price.

Timaru Property Market

Timaru Property Market

The Timaru district is made up of 15 suburbs. The most expensive suburb is Gleniti, which has a median house price of $563,450. While the most affordable suburb is Kensington, which has a median house price of $319,100.

Over the last 20 years of all Timaru district suburbs (Jan 2000 – Mar 2020), Kensington had the fastest-growing house, at 7.86% per year. That is 29.7% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Geraldine, which grew at a rate of 6.36% per year. That’s still 4.95% faster than the median Canterbury house price.

Waimate Property Market

Waimate Property Market

The Waimate district is made up of 1 suburb, also named Waimate, which has a median house price of $290,350.

Over the last 19 year the median Waimate house value grew by 8.19% (Jan 2001 – Mar 2020), which is 32.95% faster than the median Canterbury house price over the same period.