Canterbury Property Market

Is it worth buying a property in Canterbury? Explore the data and find out. Last updated 6th September 2021

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 $555,850

As at June 2021, the median house price in Canterbury is $555,850. This is up from $253,850 10 years earlier. That means that the median Canterbury property increased in value by 6.29% each year.

The most expensive suburb in Canterbury is Fendalton, which has a median house price of $1,358,050 and is located in the Christchurch City district. That means that Fendalton's median house price is 1.44x Canterbury’s median.

The least expensive suburb in Canterbury is Hampstead, which has a median house price of $349,600 and is located in the Ashburton district. That means that Hampstead's median house price is 37.11% cheaper than Canterbury’s median.

Over the last 21 years (Jan 2000 – June 2021), Kensington had the fastest-growing house prices in all of Canterbury, at 7.98% per year. That is 35.71% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Westmorland, which grew at a rate of 4.73% per year. That’s 19.58% slower than the median Canterbury house price.

Canterbury House Prices Comparison with NZ

Canterbury's Median House Price is 15.86% below its long term average

On average, over the last 29 years, Canterbury’s median house price has been 87.26% 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 July 2021, Canterbury’s median house price for the previous 12 months was 71.04% of New Zealand’s median house price. That is 16.22% below its long term ratio, which suggests there is a buying opportunity in Canterbury.

Christchurch Suburb Prices

Christchurch Suburb Prices

The Christchurch property market is made up of 85 suburbs. The most expensive suburb as of June 2021 is Fendalton, which has a median house price of $1,358,050. While the most affordable suburb is Phillipstown, which has a median house price of $355,950.

Over the last 21 years of all Christchurch City suburbs (Jan 2000 – Jun 2021), Strowan had the fastest-growing house, at 6.59% per year. That is 12.09% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Westmorland, which grew at a rate of 4.73% per year. That’s 19.58% 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 $595,100. While the most affordable suburb is Hampstead, which has a median house price of $349,600.

Over the last 21 years of all Ashburton district suburbs (Jan 2000 – Jun 2021), Tinwald had the fastest-growing house, at 6.17% per year. That is 4.91% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Allentown, which grew at a rate of 5.67% per year. That’s 3.64% 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 $603,750. While the most affordable suburb is Leithfield, which has a median house price of $467,950.

Over the last 30 months of all Hurunui district suburbs (Dec 2018 – Jun 2021), Hamner Springs had the fastest-growing house, at 8.22% per year. That is 7.5% faster than the median Canterbury house price over the same period.

The suburb that grew the slowest over that period was Leithfield, which grew at a rate of 6.37% per year. That’s 16.68% 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 $521,500.

Over the last 30 months (Dec 2018 - Jun 2021) the median Kaikoura house value grew by 8.19%, which is 7.10% 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 Pegasus, which has a median house price of $645,000. While the most affordable suburb is The Pines Beach, which has a median house price of $422,000.

Over the last 30 months of all Waimakariri district suburbs (Dec 2018 – Jun 2021), Waikuku Beach had the fastest-growing house, at 8.45% per year. That is 10.55% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Woodend Beach, which grew at a rate of 6.80% per year. That’s 11.06% 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 $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 – Jun 2021), Twizel had the fastest-growing house, at 7.70% per year. That is 0.71% faster than the median Canterbury house price of this same period.

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 $919,900. While the most affordable suburb is Springfield, which as of June 2021 has a median house price of $386,550.

Over the last 30 months of all Selwyn district suburbs (Dec 2018 – Jun 2021), Rolleston had the fastest-growing house, at 6.65% per year. That is 13.05% slower than the median Canterbury house price.

The suburb that grew the slowest over that period was Kirwee, which grew at a rate of 4.42% per year. That’s 42.15% 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 $618,350. While the most affordable suburb is Kensington, which has a median house price of $359,000.

Over the last 21 years of all Timaru district suburbs (Jan 2000 – Jun 2021), Kensington had the fastest-growing house, at 7.98% per year. That is 35.71% faster than the median Canterbury house price.

The suburb that grew the slowest over that period was Geraldine, which grew at a rate of 6.62% per year. That is 12.52% 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 $351,150.

Over the last 30 months (Dec 2018 – Jun 2021), Waimate house prices grew by 13.48%. That is 76.35% faster than the median Canterbury house price over this period.

Other Property Markets to Look Into

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.