House Prices in Christchurch

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Christchurch House Types 2015 – 2018

Property Typemid 2018mid 2017mid 2016mid 2015
House with 5+ bedrooms$804,700$760,450$715,500$720,500
House with 3 – 4 bedrooms$501,300$500,550$492,000$490,000
House with 1 – 2 bedrooms$341,050$343,500$330,800$349,000

Market Analysis

The prices in the table above are average asking prices taken over a 3 month period, sourced by Trade Me Property.

This method uses an “80% truncated mean” of the expected sale price. This method excludes the upper and lower 10% of listings by price, and then averages the expected sale prices of the remaining properties.

Head of Trade Me Property Nigel Jeffries said “partments are the hot favourite at the moment, particularly in Christchurch and Wellington which saw 16 per cent and 15 per cent jumps in average asking price.”

According to the data from REINZ, Christchurch median house prices have remained stable in the last 12 months to August 2018.

Their August 2018 report noted that, “The Canterbury end of winter market saw strong volumes, but prices continue to remain flat. There are still plenty of buyers around, but they are taking their time in making any decisions. Lenders continue to struggle with bank and insurance criteria, making it a bit more challenging for these buyers.”

Nick Goodall Cornford from Corelogic NZ said about the NZ property market, “The QV House Price Index for September (2018) illustrates there are still pockets of strength in the market as we head into the warmer, often more popular, months for market activity.”

He continued, “While some of the macro-economic factors (GDP growth, net migration) which influence the property market are weakening, we can’t ignore the influence of credit availability and with banks dropping mortgage interest rates, and subsequently increasing their loan book, demand is holding up.

The short term supply situation, as measured by properties on the market, also remains low across most of the country, excluding Auckland. And while we’ve seen the typical spring lift begin to occur already, overall levels are historically low, which means some price pressure persists for those properties currently on the market.”

Average House Values in Christchurch’s Suburbs mid 2018

LocationAverage House Value Mid 2018

The house values in the avove table are sourced from CoreLogic, which provides data and analysis for state-owned valuer Quotable Value.

Christchurch house prices by area from 2012 – 2017 are tabled on this page.

Return to the NZ House Prices page.

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