What does the graph show?

This graph shows the region’s property price compared to where we’d ‘expect’ it to be. When the line is below 0%, e.g., -5%, then property prices in the region are ‘undervalued’. Property prices are less expensive than what we might expect them to be. This means it could be a good time to buy. When the line is above 0%, e.g. 7%, then property prices in the region are ‘overvalued’. Property prices are more expensive than what we might expect them to be. This means there might be better property options in other regions.

How do I use the graph?

This graph is often used to get a sense of whether property prices look “cheap” or “expensive” within a region. When the area is overvalued, it looks a bit more expensive than we’d expect it to be. When the area is undervalued, it looks a bit cheaper than we’d expect it to be. You can then use this information to understand which areas might achieve faster capital growth over the medium term. For instance, an under-valued region (where the property market is relatively cold) might go up in value quickly over the next 5 years. Whereas an over-valued region (where the property market is hot) might go up in value more slowly over those 5 years. It’s not a perfect model and won’t tell you where property prices will go tomorrow. But it can give you a sense of where the opportunities might be. Assuming nothing has structurally changed within the property market.

What makes the line go up and down?

The line goes up and down based on how quickly house prices are increasing compared to the rest of the country. When the line goes up, property prices in the region are increasing faster than the whole of New Zealand. When the line goes down, property prices in the region are increasing more slowly (or going down faster) than the rest of the country. If the line is flat, then property prices in the region are increasing (or decreasing) at the same rate as the rest of the country.

What does undervalued mean?

An area is undervalued if property prices in the region are lower than what we’d expect them to be. Let’s say Auckland property prices are usually 1.5x New Zealand property prices. Now, let’s say Auckland property prices are actually 1.2x New Zealand property prices (in a specific month). In that case, Auckland property prices are undervalued by 20% at that point in time. If this was the case, it suggests that there may be a buying opportunity within the region. At least compared to the rest of the country.

What does overvalued mean?

An area is overvalued if property prices in the region are higher than what we’d expect them to be. For instance, let’s say Auckland property prices are usually 1.5x New Zealand property prices. Now, let’s say Auckland property prices are actually 1.8x New Zealand property prices (in a specific month). In that case, Auckland property prices are overvalued by 20% at that point in time. If this was the case, it suggests a buying opportunity may exist in other regions outside of Auckland.

Where does the data come from?

The calculations are based on the REINZ House Price Index. This is the most reliable data source about how house prices change from month to month. The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.

How is the data calculated?

For proper data nerds, knowing how the data is calculated can be helpful. Each region's property prices are compared to New Zealand's property prices. For example, in May 2020, Invercargill’s property prices might be 60% of New Zealand’s (for the specific month). This is completed hundreds of times with all the data available.We then average those ratios to calculate an average. This lets us know, “on average, how expensive is each region compared to the rest of New Zealand?” For example, over the long term, Invercargill’s property prices might be 50% of New Zealand’s. We then look at where each region is on a specific month compared to that average. Let’s continue with the example of Invercargill. Under this scenario, property prices in the city are “usually” 50% of New Zealand’s prices. But on May 2020, Invercargill house prices were 60% of New Zealand’s prices (in this example only). That means that in May 2020, Invercargill house prices were 20% overvalued.

Can I download the data?

No. This data is an essential part of Opes Partners’ intellectual property. Although we are happy to make this available publicly (for free), we don’t allow people to download the data directly.

Can I reference the data in my article or research project?

Yes, you can reference the data if you are writing a report, article, or research project. The only requirement is that you mention that the data has been sourced from Opes Partners. That way, if people want to check the updated data, they know where to find it.

Property Market

7 min read25 Oct 2024

How is the Canterbury property market going?

Find out Canterbury’s house prices by suburb, how quickly they will grow, where the most affordable areas are and where are properties overvalued in 2025.

Author: Ed McKnight

Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Reviewed by: Laine Moger

Journalist and Property Educator, holds a Bachelor of Communication (Honours) from Massey University.

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Get free data for any suburb, council area or region in New Zealand

Canterbury's median house price is $680,000

Canterbury house prices

As at May 2025, the median house price in Canterbury is $680,000. This is up from $407,000 10 years earlier. That means that the median Canterbury property increased in value by 5.27% each year, or $27,300 on average.

The most expensive suburb in Canterbury is Scarborough, which has a median house price of $1,796,800 and is located in the Christchurch City district. That means that Scarborough's median house price is 264% of Canterbury’s median.

The least expensive suburb in Canterbury is Christchurch Central, which has a median house price of $420,250 and is located in the Christchurch City district. That means that Christchurch Central's median house price is 62% of Canterbury’s median.

Over the last 24 months (Jun 2023 - Jun 2025), Kaikoura had the fastest-growing house prices in all of Canterbury, at 7% per year.

The suburb that grew the slowest over that period was Glenwood, which grew at a rate of -1% per year.

Will the NZ housing market get better in 2025?

Canterbury's house price is 3.73% below its long term average

Is Canterbury over or undervalued?

Canterbury house prices look relatively cheap compared to where we'd expect them to be.

In the above graph, when the purple line is below the baseline (black line), Canterbury's house values are undervalued. This suggests there is a buying opportunity in the region.

When Canterbury’s house value is above the baseline, other regions have buying opportunities.

How is this calculated? Click on the accordions below to find out.

Where do house prices grow the fastest in the Canterbury property market?

This map lets you find out for yourself.

Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.

The redder the area ... the quicker house prices have grown in that suburb.

Which Christchurch suburbs have the highest yields?

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Canterbury property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

Where are the most affordable properties in Canterbury?

The map below depicts which districts within the Canterbury Region have the most and least affordable house prices (REINZ, Price Price).

The darker the district, the more expensive the median house price for that area.

The Mackenzie District is the most expensive district within the Canterbury Region, with properties reaching a median price of $820,000 in Price Price.

By comparison, the Waimate District is the most affordable, with a median house price of just $396,000. That's a $424,000 difference compared to Mackenzie District.

Where are house prices most over and undervalued within the Canterbury region?

This map shows a breakdown of how over or under-valued each council area is right now in the Canterbury property market. These figures are calculated exactly the same way as the HPI based graph in the above section.

Mackenzie District appears to be the most overvalued area in Canterbury. House prices there are about 47.28% above where we would usually expect them to be over the long term.

Waimakariri District, on the other hand, appears to be the most undervalued in Canterbury. House prices in this district appear to be 6.09% below where we would expect them to be.

This means that we've got greater confidence that Waimakariri District house prices will increase faster over the next 5-10 years compared to Mackenzie District.

Which part of Canterbury gets the highest population growth?

The map below illustrates the projected population growth for each district within the Canterbury Region over the next 25 years (2023 - 2048).

The darker the district, the more the population is predicted to expand in that area...

Over this period, Selwyn district is expected to see the most growth of all the council areas within the region. 46.56% in total.

By contrast, Kaikoura district is expected to shrink by -1.93% over the same timeframe.

How are Canterbury's house prices changing right now?

Canterbury's capital growth rate

The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as ‘capital growth’.

So does this show how the property market is going right now?

Yes and no.

It shows how expensive properties are today compared to 12 months ago.

While this will give us a good sense of how property values have changed, it’s not the only thing to consider.

You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.

What is the median rent in Canterbury?

Canterbury's median rent

The above graph shows the median rent within a given month.

The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website. It is based on all the rental bonds lodged by private landlords within the month.

What is the annual increase in rents in Canterbury?

Canterbury's annual increase in rents

This graph shows the annual growth in median rents.

The data also comes from the Ministry of Business Innovation and Employment (MBIE).

How many listings are currently available in Canterbury?

Canterbury's current listings (Housing stock)

This graph shows current property listings, with data sourced from realestate.co.nz.

It shows the number of listings that are currently available on the website per month.

You might be wondering: “How do the number of listings impact house prices?”

If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.

This leads to less competition and softer house prices.

On the other hand, if there aren’t many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).

This makes people more competitive and more likely to bid up house prices.

How many properties are sold per year in Canterbury?

Canterbury – Number of properties sold per year

The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 – August 2023.

The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.

You might be wondering: “How does the volume of sales impact house prices?”

They don’t impact house prices on their own. But a high number of sales represents a hot property market.

That’s because there are a lot of people out there buying property.

That’s why when sales volumes are high, property prices typically increase at the same time.

When property sales are falling, typically, property prices are also soft.

Christchurch suburb prices

Christchurch city

Christchurch City is made up of 86 suburbs. The most expensive suburb is Scarborough, which has an average house value of $1,796,800. While the most affordable suburb is Phillipstown, which has an average house value of $459,000.

Over the last 24 months of all the Christchurch City suburbs (Jun 2023 - Jun 2025), Hillmorton had the fastest-growing house prices at 5.20% per year.

The suburb that grew the slowest over that period was Kennedys Bush, which grew at a rate of 0.68% per year.

Ashburton suburb prices

Ashburton

Ashburton District is made up of 8 suburbs. The most expensive suburb is Elgin, which has an average house value of $789,200. While the most affordable suburb is Hampstead, which has an average house value of $457,500.

Over the last 24 months of all the Ashburton District suburbs (Jun 2023 - Jun 2025), Methven had the fastest-growing house prices at 4.94% per year.

The suburb that grew the slowest over that period was Allenton, which grew at a rate of 1.41% per year.

Hurunui suburb prices

Hurunui

Hurunui District is made up of 4 suburbs. The most expensive suburb is Hanmer Springs, which has an average house value of $827,050. While the most affordable suburb is Cheviot, which has an average house value of $420,250.

Over the last 24 months of all the Hurunui District suburbs (Jun 2023 - Jun 2025), Hanmer Springs had the fastest-growing house prices at 1.68% per year.

The suburb that grew the slowest over that period was Amberley, which grew at a rate of 0.54% per year.

Kaikoura suburb prices

Kaikoura

Kaikoura District is made up of 1 suburb, also named Kaikoura. It has an average house value of $739,900.

Over the last 24 months, (Jun 2023 - Jun 2025), the average Kaikoura house value increased by 7.16% per year.

Waimakariri suburb prices

Waimakariri

Waimakariri District is made up of 8 suburbs. The most expensive suburb is Pegasus, which has an average house value of $847,800. While the most affordable suburb is Oxford, which has an average house value of $647,200.

Over the last 24 months of all the Waimakariri District suburbs (Jun 2023 - Jun 2025), Woodend Beach had the fastest-growing house prices at 1.97% per year.

The suburb that grew the slowest over that period was Oxford, which grew at a rate of -0.57% per year.

MacKenzie suburb prices

Mackenzie

MacKenzie District is made up of 2 suburbs. The most expensive suburb is Twizel, which has an average house value of $724,000. While the most affordable suburb is Twizel, which has an average house value of $724,000.

Over the last 24 months of all the MacKenzie District suburbs (Jun 2023 - Jun 2025), Twizel had the fastest-growing house prices at 1.89% per year.

The suburb that grew the slowest over that period was Twizel, which grew at a rate of 1.89% per year.

Selwyn suburb prices

Selwyn

Selwyn District is made up of 10 suburbs. The most expensive suburb is Prebbleton, which has an average house value of $1,206,900. While the most affordable suburb is Southbridge, which has an average house value of $566,900.

Over the last 24 months of all the Selwyn District suburbs (Jun 2023 - Jun 2025), Tai Tapu had the fastest-growing house prices at 4.77% per year.

The suburb that grew the slowest over that period was Kirwee, which grew at a rate of 0.15% per year.

Timaru suburb prices

Timaru

Timaru District is made up of 16 suburbs. The most expensive suburb is Gleniti, which has an average house value of $767,650. While the most affordable suburb is Kensington, which has an average house value of $452,900.

Over the last 24 months of all the Timaru District suburbs (Jun 2023 - Jun 2025), Pleasant Point had the fastest-growing house prices at 3.55% per year.

The suburb that grew the slowest over that period was Glenwood, which grew at a rate of -0.76% per year.

Waimate suburb prices

Waimate

Waimate District is made up of 1 suburb, also named Waimate. It has an average house value of $462,450.

Over the last 24 months, Jun 2023 - Jun 2025), the average Waimate house value increased by 1.14% per year.

Other property markets to look into

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.

Do you have a question or comment about the Canterbury property market?

Feel free to leave your thoughts in the comment section at the end of the page.

Ed McKnight

Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.

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Do you have a question or comment about the Canterbury property market?

Feel free to leave your thoughts in the comment section at the end of the page.

How is the Canterbury property market going?

Canterbury's median house price is $680,000

Canterbury house prices

Canterbury's house price is 3.73% below its long term average

Is Canterbury over or undervalued?

More from Opes Partners:

Where do house prices grow the fastest in the Canterbury property market?

Which Christchurch suburbs have the highest yields?

Where are the most affordable properties in Canterbury?

Where are house prices most over and undervalued within the Canterbury region?

Which part of Canterbury gets the highest population growth?

How are Canterbury's house prices changing right now?

Canterbury's capital growth rate

What is the median rent in Canterbury?

Canterbury's median rent

What is the annual increase in rents in Canterbury?

Canterbury's annual increase in rents

How many listings are currently available in Canterbury?

Canterbury's current listings (Housing stock)

How many properties are sold per year in Canterbury?

Canterbury – Number of properties sold per year

Christchurch suburb prices

Christchurch city

Ashburton suburb prices

Ashburton

Hurunui suburb prices

Hurunui

Kaikoura suburb prices

Kaikoura

Waimakariri suburb prices

Waimakariri

MacKenzie suburb prices

Mackenzie

Selwyn suburb prices

Selwyn

Timaru suburb prices

Timaru

Waimate suburb prices

Waimate

Other property markets to look into

What’s a good rental yield in Christchurch?

Top 6 Christchurch mortgage brokers

What's happening with NZ house prices right now?

How is the Wellington property market going?

Southland house prices | How is the Southland property market going?

Best places to invest in NZ for under $500k

How is the Manawatu-Whanganui property market going?

How is the Otago property market going?

What’s a good rental yield in Christchurch?

Top 6 Christchurch mortgage brokers

What's happening with NZ house prices right now?

How is the Wellington property market going?

Southland house prices | How is the Southland property market going?

Best places to invest in NZ for under $500k

How is the Manawatu-Whanganui property market going?

How is the Otago property market going?

Canterbury's median house price is $680,000

Canterbury house prices

Canterbury's house price is 3.73% below its long term average

Is Canterbury over or undervalued?

More from Opes Partners:

Where do house prices grow the fastest in the Canterbury property market?

Which Christchurch suburbs have the highest yields?

Where are the most affordable properties in Canterbury?

Where are house prices most over and undervalued within the Canterbury region?

Which part of Canterbury gets the highest population growth?

How are Canterbury's house prices changing right now?

Canterbury's capital growth rate

What is the median rent in Canterbury?

Canterbury's median rent

What is the annual increase in rents in Canterbury?

Canterbury's annual increase in rents

How many listings are currently available in Canterbury?

Canterbury's current listings (Housing stock)

How many properties are sold per year in Canterbury?

Canterbury – Number of properties sold per year

Christchurch suburb prices

Christchurch city

Ashburton suburb prices

Ashburton