Christchurch has always been touted as one of the most affordable housing markets in NZ. But, that is definitely changing, as the region has tasted its fair share of million-dollar-plus residential asset sales in this financial year.  Like everywhere else in NZ, the median house price in the Christchurch housing market has jumped reaching a median price of $541,000.

The high demand and low supply of premium-grade home property, coupled with low interest rates also, has resulted in no less than a hefty 20% since the last year. Experts and agents have noted alike, that this marks Christchurch’s entry into the multi-million home sales club, in contrast to its demand for producing affordable, premium-class homes.

Christchurch housing market updates

For long, Christchurch invited buyers and investors with open arms till now with its affordable prices. However, now the quality housing stock and bottlenecked supply have helped the housing market step up and maintain par with the rest of the regions. Christchurch housing market predictions by bonafide brokerage agencies also refer to another contributing factor to the jacked-up median prices- the exodus of buyers from regions like Wellington, Auckland, and even those returning from overseas.

Nowadays, average three-bedroom, single garage cross leases in south Christchurch are going for $100,000 above their 2019 value. Make no mistake, though, for outer Christchurch still presents us with affordable land and house packages for prices closer to the median range. But, that median as mentioned above has well-appreciated past its 2019-2020 value by 20-25%!

Christchurch Housing Market climbs the charts

The Christchurch residential property market has entered the multi-million dollar club with pomp. While quality housing is still available in localities such as Halswell and Hoon Hay- if you are willing to shell out to the tune of the new median price- suburbs such as Fendalton and the Clearwater golf resort area are being sold at $6 million. School districts such as Strowan, Cashmere, and Somerfield, are also exhibiting massive price growth, with buyers pouring interest into $4m homes. The Christchurch housing market updates from brokerage agencies point towards a continuing demand for median-priced housing from both first-time homebuyers and investors.

Given the demand-supply disproportion, even a three-bedroom, one-bathroom weatherboard home with a backyard in north-Christchurch’s Belfast, is selling for a $200,0000 increment over its usual RV. Quality four-bedroom, villa homes with garden space in central Christchurch are also reflecting this $200,000 hike over the erstwhile RV.  The central city obviously costs you more for quality housing, but median-priced houses are available there as well if you are looking at the right places.

As per Christchurch housing market predictions, buyer competitiveness is at an all-time high, if not at the same level as regions, such as Auckland. But, even though the region has broken into the upper-echelon, with million-dollar sales, we can still fetch you a premium-grade home at a price tag closer to the median price, in Christchurch.