Prime property for less than $1mn? Try the Christchurch Housing Market

In a post-pandemic market, when 28 out of Auckland’s 276 suburbs, 26 out of 41 of Hamilton’s suburbs, and 7 out of 56 Wellington’s suburbs- are still valued above $1 mn – Christchurch has more to offer to home buyers, and investors alike. The Christchurch housing market still has 70% of its suburbs valued under $1 mn, with all of the same value-for-money attributes that attract buyers to the aforementioned main centers.

Don’t Miss These <$500,000 Homes in the Christchurch Housing Market
In recent years, the city has steadily grown through the ranks of New Zealand’s main property centers, both in demand and value proposition. 82 of Christchurch’s 113 suburbs clock a value below $1mn. The average cost of property in 53 out of these 82 suburbs is less than $797,000- which is the average cost of property in the entirety of Christchurch- and, even out of those 53 suburbs, 7 have an average cost of lesser than $500,000.

According to Christchurch housing market updates, Birdlings Flat, Middleton, and Bexley, are 3 of those 7 locations, where you can find affordable houses in the suburban fringe. But, if your budget runs a little bit closer to the $500000 mark then you can opt for larger housing assets- in Linwood ($495,000), Wainoni ($492000), Aranui ($473,000), and Phillipstown ($462,000).

If it is a sea-side property that you want, then New Brighton’s average cost of $542,000 might entice you. With a little effort, you can even find mid-$400,000 to $500,000 Bromley and Woolston. Suburbs like Kainga and Bayleys have plenty of $350,000 homes that have renovation-and-resale flip value.

The first three suburbs present an affordable home-buying opportunity to first-time buyers in a sought-after NZ property center. These properties are also ideal for those who have missed out on a 49.3% ($263,000) jump in Christchurch real estate value. The prices further debunk the myth that owning a house in Christchurch is a multi-million dollar investment.

As per Christchurch housing market predictions, the number one competition for NZ buyers are counterparts from Auckland who are ready to pay top-dollar that the former is unwilling to afford. However, competition is much less now with more property investment options (bigger homes, townhouses, etc.) becoming available on the market.

Christchurch Housing Market updates on suburbs >$500,000
Rezoning and demolishing of old property stock in the suburb of Upper Riccarton has made way for units in the ballpark of $749,000. Average property values in the suburb of Burnside are going for round-about $898,000, thanks to a respectable schooling district and recreational amenities.

Christchurch housing market notifications suggest that post-earthquake re-development efforts have seen the average home prices in Christchurch Central hit the $723,000 mark. If your budget cannot accommodate Merivale and Ilam in your wishlist, then you may also want to browse St.Albans as an alternative, where the average home value touches the $905,000 mark.

Christchurch Housing Market notifications on near-$1mn homes
Christchurch’s modernization has still not eschewed its green cover. If you are still willing to venture close to the $1mn mark, then Garden City has tree-shaded neighborhoods that may pique your interest. Suburbs like St. Albans can showcase a good number of townhouses, villas, and bungalows with natural disaster-resistant foundations.