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.