Tag Archives: Christchurch Housing Market news

Christchurch Housing Market Reports Quarterly Growth in Average Home Prices

person By Hadar alarm 12th Nov, 2021

New Zealand’s average home property values have jumped by 5% to $1021 million in the past three months. The slow, but steady growth rate accounts for an increment of $45,000 in the average housing property value; and, thus is a bearer of good tidings in a Christchurch housing market deprived by the lockdowns and new governmental LVR policies for banks.

How is the Christchurch housing market contributing to average NZ home value growth?

Marlborough exhibited the sharpest decline in the last couple of quarters (from 8.8% to 1.2%); growth in Southland also dropped from 4.2 to 3.6%. But, Otago, Canterbury, Nelson, Auckland, and Northland have all registered, at the very least, a percentage of growth between the last two quarters. At a time when growth has slowed in 11 out of 16 of NZ’s regions, Auckland is still going strong.

Christchurch’s October average house prices are at $1.451m, which is $74,000 more than the previous quarter. Christchurch’s growth has helped bolster the whole Wellington region’s average housing price around the $1 million mark. Things are also looking up for the Bay of Plenty, Tasman, and Waikato as they are on the brink of joining the ‘$1 million club’ with average housing prices at $987,000, $942,000, and $914,000, respectively.

But Christchurch housing market updates suggest that prices here have steadily climbed in the last two years. So much so, that some first-time buyers are finding it difficult to catch up to the momentum of the market. Even that challenge might be a thing of the past, as explained below.

The Christchurch housing market average property value is the lowest of all the seven centers. Its jump to 8.8% of growth takes its property value average to $718,000. Tauranga has seen s growth of 6.5% to $1.138m; Queenstown Lakes’ average house prices are up by 6.4% to $1.624m; and, Hamilton reports a 4.7% increase to $866,000. Wellington itself is up by 3.6% to $1.231m.

New zoning reforms to further boost Christchurch housing market housing crisis

Notably, this increment is still lesser than the 6.1% increase that was documented in the previous three-month period, according to statistical reports by leading realty market analytics agencies. However, given the slowdown in buyer activities in these months, Christchurch housing market predictions are indicative of positive factors for a post-pandemic lockdown market; such as multi-housing prospects on the same lot/unit are being discussed as a means to ease burdens. This should also greatly multiply the number of listings usually available in the market.

This would definitely cut the average housing price by a large margin by creating more home options in quality locations. The government is further striving to mitigate the single-family zoning policy in NZ’s five biggest metros. Cities such as Christchurch, Wellington, and Auckland are soon going to permit owners to build up to three housing units, to a maximum height of three stories. This should help curb the problems with affordable housing. The legislation has been enough to inspire housing advocates in British Columbia.

Christchurch Real Estate

COVID 19 lockdown prompts surge in Christchurch housing market

person By Hadar alarm 1st Sep, 2021

The Covid lockdown has been instrumental in jumpstarting the buzz around the Christchurch housing market. Almost every notable realty agency in the city vouches for reinvigorated interest in property listings. The 2021 Level 4 lockdown has trumped the 2020 Level 4 lockdown as per sources from the Real Estate Institute. The market reflected the faith and confidence of optimistic consumers. Business, but not, as usual, is very much greenlit in the Christchurch housing market. Online appraisals, virtual auctions, and sales have become the tried and tested norm for agencies and consumers.

Christchurch housing market rallies for Spring

The Level 4 lockdown may have curbed the actual handover process. However, that has not deterred realty agencies who have channeled their efforts via remote productivity models. Consumers have also focused their attention on online listings and sales to a greater extent. Hence, Christchurch housing market predictions suggest greater traction over the uncertainty caused by the pandemic and the consequent lockdown in, comparison to last year.

The lack of open homes has catalyzed the frequency of direct inquiries. The low-interest rates and inability to travel overseas have also contributed to the exposure the Christchurch property listings receive. Some agencies have already reported 10-times the inquiries they received in pre-lockdown times for similar listings. Thus, agencies are hoping for even more positive, post-lockdown Christchurch housing market updates for property listings that are already live.

eCommerce to the rescue

The Christchurch market has demonstrated great adaptability to the Lockdown restrictions by falling back on eCommerce as the primary business model. While the initial response in the market was lukewarm in the early lockdown phases, the process became more streamlined by the second and third stages, and well-established by the fourth. The necessities paved the way for a seamless transition for all from Level 1 to the Level 4 of the Lockdown.

The fourth stage of the Lockdown has made an end-to-end digital platform transition with equal participation from sellers, buyers, and agencies. Virtual tours and photographs have substituted open homes. The stronger the portfolio, the better the chances of an asset changing hands, sight unseen. According to Christchurch housing market predictions, even homes that are not gaining as much attention are expected to see buyers move in post-lockdown.

This has fantastically set the stage for the usual Spring-time hustle and bustle for which the Christchurch real estate market is known.

Christchurch Real Estate, new zealand real estate

Christchurch Housing Market Drives Impressive Growth in Building Consents

person By Hadar alarm 10th Aug, 2021

Insatiable demand from investors and homebuyers has prompted the development of numerous new homes in Christchurch. The city has issued building consents for as many as 2800 new projects hitherto, in the last 12 months. The Christchurch housing market now reflects a 12% year-on-year growth in 2020-21, in this regard.

What’s fueling the growth?

Market experts are quick to note that the go-order on a slew of new residential projects, comes down to three notable factors:

Government diktat for interest deduction from property investors
Demand for a new property with median housing prices entering a cool-off period
Confidence in the market to continuously produce new, value-for-money housing

The market should be even stronger by the time the recently consented new listings are complete, as per Christchurch housing market predictions from the builders themselves.

What’s changed in the Christchurch housing market in FY2021 Q2?

The FY2021 Q1 was quite a lackluster affair for the Christchurch realty market in terms of new housing. The ‘winter cool-off’ period, teamed with a shortage of new listings slowed activity in the realty market. Sales were down as the residential value growth was down by 3.7% in April, 2.5% in May, and 1.9% in June. This catalyzed the resale market as buyers and investors were gripped by the Fear-of-Missing-Out.

However, June-end brought along more favorable tidings thanks to the factors cited above. Christchurch housing market updates indicate that the sanction of building consents furthers the recuperating interest in new listing investments/purchases. This also clears apprehension in the new governmental regulations.

Christchurch housing market predictions from the specialists also confirm that the median prices are here to stay after a 25.8% annual increase. The new median of $651,914 is not detracting consumers in terms of affordability, at all. If anything, the new building consents have bolstered demand for more, new listings.

Christchurch Real Estate, new zealand real estate

Christchurch Housing Market – Key Updates You Should Know About

person By Hadar alarm 28th Jul, 2021

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.