Tag Archives: Christchurch Housing Market in 2022

Christchurch Real Estate

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

person By Hadar alarm 17th Jul, 2022
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.

Christchurch Real Estate

Top factors indicating vibrancy in the Christchurch Housing Market in 2022

person By Hadar alarm 10th Jan, 2022
Christchurch Housing Market in 2022

Recent market data has been indicating a positive fare of events for the Christchurch housing market in 2022. Average asking prices in the metro have touched a record 14-year high with an uptick from the October data of $933,135 to $969,604. Listings are up by 9% on a year-on-year basis, a feat last seen demonstrated by 2014’s Christchurch housing market.

The Christchurch housing market, however, not the only region to successfully climb out of the COVID slump.

Christchurch housing market not alone in annual listings growth

The national housing stock is also reportedly up 5.1% year-on-year which means more options to meet demands. New Zealand’s annual number of consented homes show 47,331 new homes. This infusion of new listings is a welcome change reported across the country.

Hawke’s Bay led the pack with a gain of 379 new listings year-on-year, which equals 36.3%. Manawatu/Wanganui jumped by 25.1% which accounted for 578 new listings. Auckland reported 5773 new listings in November, a climb of 10.4% year-on-year.

Wellington reported 1100 new listings, a climb of 21.8% on an annual basis. The emergence of new listings and stock is a sure-fire indicator of buyers being spoilt for choices; because, while demand has not slowed, it certainly cannot catch up to the present supply rate.

The city of Canterbury is lagging in the race, however, with a 1.3% downtake to 1679 properties. Thankfully though, mirroring the  Christchurch housing market,  the average property value increment here, stands at a stupendous 32.7% on a year-on-year basis; and, 9.3% growth on a quarter-year basis. As of mid-November, average house prices here remained at a respectable $743,000.

Month-on-month growth in average asking prices across NZ

Auckland made it to $1,264,601 by November, which brought its average unit prices up by 2.6% in comparison to October. Wellington’s asking prices have already surpassed the million-dollar mark to hit $1.0022million with a MOM increase of 3.9%.

Although, its listing numbers cannot meet the demands, average asking prices in Canterbury have risen MOM by 5.2%, to reach $672,248. The West Coast joined in on the uphill battle with an 11.9% jump compared to October, to hit $424,726. Coromandel followed in its wake with a decent 10.7% growth to $1,203,073.

MOM average asking prices have dropped in certain locations like Central Otago/Lakes  Central North Island, Hawke’s Bay, Bay of Plenty, and Waikato. The drop in prices can however spell a buying opportunity for some, as the premium region, Christchurch seems poised to only make price jumps here on out. Make no mistake, though; Christchurch still offers a perfect trade-off between housing quality and affordability.

Christchurch housing market lures buyers across NZ with cogent reasons

Housing units here have a good value proposition and ample scope for periodic price increments. Restrictions in Auckland and a follow-up to demands in the post-earthquake period have spelled a positive outlook for Christchurch property. Buyers want premium metro facilities and housing options at half the price.

Rebuild projects can be credited for interest in the city housing stock. Newer builds mean more units that are up to the latest codes and disaster mitigation compliance. New listings, lower deposits, and tax breaks are attracting buyers belonging to the younger demographics.

The shift to the remote work model has also reduced the allure among residents who sought to move to Auckland and Wellington for better pay. Now they can avail it while seeking similar quality housing at half the price in Christchurch.

The lending conditions and hike-able mortgage rates are working in favor of keeping the prices from hiking up. It may well climb up to Wellington-Auckland levels due to demand- if new land availability becomes an issue.

The emergence of such factors helps Christchurch’s cause in a scenario where the unavailability of land for new projects imbalanced the supply-demand ratio. The price hikes should remain affordable as long as the positive factors mentioned above, remain at play.

Ignore FOMO at your own risk

Property analytics reports have suggested an encouraging uptick in the number of search engine hits on Christchurch listings from interested parties in Wellington, Tauranga, and Auckland. These Christchurch housing market updates suggest that the city has been upping the ante against the few regions ahead of it in terms of sales, stocks, and average prices.

Deeper probes reveal a 2.3% hike in Auckland users searching for Christchurch properties more uring the former’s lockdown period. This mere percentage represents a whopping 178,000 Aucklanders looking to purchase Christchurch property. Even brokerage agencies have substantiated this sudden demand from Aucklanders.

Thus, ignoring this demand can result in missing out on quality property made available by the booming growth in new property listings in the region.

Christchurch housing market predictions for CY2021 remainder and beyond

Christchurch suburbs are led by Papanui to report the strongest quarterly growth with a current average property value of $767,000; a jump of 15% or an extra $100,000 from last year. Joining Papanui’s growth, as per Christchurch housing market updates, are Burnside with a growth of 14.2% to $885,000, Mairehau at 13.3% to $623,000; and, Somerfield and Wigram by 13% apiece, to $833,000 and $729,000, respectively.

Happy days are here again for all-around in the Christchurch housing market, with ninety-six suburbs pushing the quarterly growth above the NZ national average. Christchurch’s quarterly growth of 10.1% has been a major driving factor behind the strong growth in its counterparts across NZ.

The jump in average property prices were recorded at an annual 34.5%, in the Christchurch housing market, as of mid-November. The increment equals an annual growth of $193,000 to $752,000. Predictions suggest that at the present rate the average the value here could well cross the million-dollar mark by August 2022, to join the echelons of the capital, Wellington.

Kennedys Bush has already made its mark as the most expensive Christchurch suburb, with an average asking price in the $1.7million range. Scarborough house prices are also within this range. Twenty-six Christchurch suburbs now have a higher-than-a-million average property price, surpassing 2020’s eight.

Thus, the future where Christchurch might just overtake the current leaders of NZ’s housing market, with an average $2million price in prime suburbs is not far.