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Property Market
3 min read
Christchurch house prices | How is the Christchurch property market going?
Find 2024's top investment suburbs in Christchurch with our analysis. Get insights on best returns, affordable areas, and avoiding overvalued properties.
Author: Ed McKnight
Our 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 with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.
Is Christchurch a good place to buy a home or an investment property?
In this article, you’ll learn all about Christchurch house prices. That includes how quickly they grow and where the most affordable properties are.
It's takes a lot of data crunching. But we here at Opes Partners put these numbers together to help you become as informed as possible.
And although we help investors buy New Build properties, we know those aren't the right fit for everyone. So this guide is here to help all property buyers.
Do you have a question or comment about the Christchurch property market? Feel free to leave your thoughts in the comment section at the end of the page.
Quick facts
- The average price of a Christchurch property is $765,011 (CoreLogic, June 2024)
- Christchurch property prices have been falling. They peaked in February 2022. Prices are currently 5.78% below the peak (REINZ, July 2024)
- Property prices appear to have bottomed out in June 2023. That was 10.72% down from the peak.
- Over the last 3 months property prices in Christchurch have gone down -0.14%
- Christchurch property prices increased 5.34% per year (on average) in the 20 years between July 2004 - July 2024 (REINZ)
- The average rent in Christchurch is $550 per week (Tenancy Services, June 2023)
What's happening to Christchurch house prices?
The average price of a Christchurch property is $765,011 (CoreLogic, June 2024)
Christchurch house prices are down -0.14% over the last three months (REINZ). And they are 4.54% up over the last 12 months.
Christchurch House Prices
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How are Christchurch property prices changing?
Christchurch house prices soared after the Covid-19 pandemic began. House prices started out 37% below the eventual peak of the market.
However, after that peak in February 2022, house prices fell 10.72% before bottoming out in June 2023.
Today, Christchurch house prices are down 5.78% compared to their peak. That means prices have risen 5.53% since the bottom of the market.
Christchurch prices compared to the peak of the market
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Where is Christchurch in its property cycle?
At the bottom of its property cycle, Christchurch was 22.88% undervalued. But now prices have caught up.
Today, property prices in Christchurch are undervalued by 7.68%.
That suggests there is a buying opportunity in Christchurch.
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More from Opes Partners:
What is the Christchurch rental market like?
Rents have been steadily increasing in Christchurch. Over the last four years (June 2020 - June 2024) the median rent has gone up $150 a week. That's 8.29% a year (on average).
Over the last 12 months, rents have gone up. They are up 10.00% ($50 a week) year on year.
Which Christchurch suburb's house price grew the fastest?
Which Christchurch suburbs grow in value the fastest? This map lets you find out for yourself. Double click on the map below to zoom in and explore different suburbs.
Each dot represents a different suburb, and the colour of the dot represents how quickly house prices have increased over the past 20+ years.
The redder the dot ... the quicker house prices have grown in that suburb.
Do you have a question or comment about the Christchurch property market? Feel free to leave your thoughts in the comment section at the end of the page.
Which Christchurch suburb's have the highest yields?
The country's median gross yield is 2.94%. Christchurch suburbs tend have yields slightly higher than this. But, gross yields vary widely depending on which suburb you look at.
So, which suburbs in the Christchurch property market have the highest gross rental yields?
Navigate the map below to find the suburbs where houses produce the most cash for their investors. The redder the area...the higher the yield.
Christchurch Suburb Prices
Christchurch Suburb Prices
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Christchurch City is made up of 85 suburbs. The most expensive suburb is Scarborough, which has an average house value of $1,794,850. While the most affordable suburb is Phillipstown, which has an average house value of $451,600.
Over the last 24 months of all the Christchurch City suburbs (Jun 2022 - Jun 2024), Wainui had the fastest-growing house prices at 4.01% per year.
The suburb that grew the slowest over that period was Diamond Harbour, which grew at a rate of -3.03% per year.
Should I buy an investment property in Christchurch?
Christchurch is a good option for entry-level investors who want to get on the ladder, but who have limited lending potential or a lower deposit.
This is because properties in Christchurch tend to be a bit cheaper than say those in Auckland.
But an affordable 2-bedroom townhouse may not be suitable for an investor looking to diversify a portfolio (e.g. if the investor already owns lots of townhouses). That’s where a more expensive standalone could be the right fit.
On the flip side, if you are an investor with a large deposit or lending capacity, then putting all your money in Christchurch properties may not be the best decision.
For instance, if you have that sort of money, you may like to park some of it in Christchurch and then take some of it up north to the bigger cities where capital growth is stronger (in Auckland), or rents are higher (in Wellington).
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 Hamilton property market by clicking any of the links mentioned here.
Write your questions or thoughts in the comments section below.
Ed McKnight
Our 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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