Property Market
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Property Market
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How is the Canterbury property market going?
Find out Canterbury’s house prices by suburb, how quickly they will grow, where the most affordable areas are and where are properties overvalued in 2024.
Author: Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Laine Moger
Journalist and Property Educator, holds a Bachelor of Communication (Honours) from Massey University.
Canterbury's median house price is $699,000
Canterbury house prices
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As at November 2024, the median house price in Canterbury is $699,000. This is up from $418,000 10 years earlier. That means that the median Canterbury property increased in value by 5.28% each year, or $28,100 on average.
The most expensive suburb in Canterbury is Scarborough, which has a median house price of $1,831,850 and is located in the Christchurch City district. That means that Scarborough's median house price is 262% of Canterbury’s median.
The least expensive suburb in Canterbury is Christchurch Central, which has a median house price of $421,600 and is located in the Christchurch City district. That means that Christchurch Central's median house price is 60% of Canterbury’s median.
Over the last 24 months (Dec 2022 - Dec 2024), Kaikoura had the fastest-growing house prices in all of Canterbury, at 5% per year.
The suburb that grew the slowest over that period was West End, which grew at a rate of -3% per year.
Canterbury's house price is 4.74% below its long term average
Is Canterbury over or undervalued?
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Canterbury house prices look relatively cheap compared to where we'd expect them to be.
In the above graph, when the purple line is below the baseline (black line), Canterbury's house values are undervalued. This suggests there is a buying opportunity in the region.
When Canterbury’s house value is above the baseline, other regions have buying opportunities.
How is this calculated? Click on the accordions below to find out.
More from Opes Partners:
Where do house prices grow the fastest in the Canterbury property market?
This map lets you find out for yourself.
Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.
The redder the area ... the quicker house prices have grown in that suburb.
Which Christchurch suburbs have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the Canterbury property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
Where are the most affordable properties in Canterbury?
The map below depicts which districts within the Canterbury Region have the most and least affordable house prices (REINZ, Price Price).
The darker the district, the more expensive the median house price for that area.
The Kaikoura District is the most expensive district within the Canterbury Region, with properties reaching a median price of $900,000 in Price Price.
By comparison, the Waimate District is the most affordable, with a median house price of just $417,500. That's a $482,500 difference compared to Kaikoura District.
Where are house prices most over and undervalued within the Canterbury region?
This map shows a breakdown of how over or under-valued each council area is right now in the Canterbury property market. These figures are calculated exactly the same way as the HPI based graph in the above section.
Mackenzie District appears to be the most overvalued area in Canterbury. House prices there are about 44.68% above where we would usually expect them to be over the long term.
Waimakariri District, on the other hand, appears to be the most undervalued in Canterbury. House prices in this district appear to be 6.77% below where we would expect them to be.
This means that we've got greater confidence that Waimakariri District house prices will increase faster over the next 5-10 years compared to Mackenzie District.
Which part of Canterbury gets the highest population growth?
The map below illustrates the projected population growth for each district within the Canterbury Region over the next 25 years (2023 - 2048).
The darker the district, the more the population is predicted to expand in that area...
Over this period, Selwyn district is expected to see the most growth of all the council areas within the region. 46.56% in total.
By contrast, Kaikoura district is expected to shrink by -1.93% over the same timeframe.
How are Canterbury's house prices changing right now?
Canterbury's capital growth rate
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The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as ‘capital growth’.
So does this show how the property market is going right now?
Yes and no.
It shows how expensive properties are today compared to 12 months ago.
While this will give us a good sense of how property values have changed, it’s not the only thing to consider.
You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.
What is the median rent in Canterbury?
Canterbury's median rent
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The above graph shows the median rent within a given month.
The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website. It is based on all the rental bonds lodged by private landlords within the month.
What is the annual increase in rents in Canterbury?
Canterbury's annual increase in rents
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This graph shows the annual growth in median rents.
The data also comes from the Ministry of Business Innovation and Employment (MBIE).
How many listings are currently available in Canterbury?
Canterbury's current listings (Housing stock)
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This graph shows current property listings, with data sourced from realestate.co.nz.
It shows the number of listings that are currently available on the website per month.
You might be wondering: “How do the number of listings impact house prices?”
If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.
This leads to less competition and softer house prices.
On the other hand, if there aren’t many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).
This makes people more competitive and more likely to bid up house prices.
How many properties are sold per year in Canterbury?
Canterbury – Number of properties sold per year
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The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 – August 2023.
The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.
You might be wondering: “How does the volume of sales impact house prices?”
They don’t impact house prices on their own. But a high number of sales represents a hot property market.
That’s because there are a lot of people out there buying property.
That’s why when sales volumes are high, property prices typically increase at the same time.
When property sales are falling, typically, property prices are also soft.
Christchurch suburb prices
Christchurch city
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Christchurch City is made up of 86 suburbs. The most expensive suburb is Scarborough, which has an average house value of $1,831,850. While the most affordable suburb is Phillipstown, which has an average house value of $454,950.
Over the last 24 months of all the Christchurch City suburbs (Dec 2022 - Dec 2024), Avondale had the fastest-growing house prices at 2.88% per year.
The suburb that grew the slowest over that period was Merivale, which grew at a rate of -1.33% per year.
Ashburton suburb prices
Ashburton
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Ashburton District is made up of 8 suburbs. The most expensive suburb is Elgin, which has an average house value of $768,150. While the most affordable suburb is Hampstead, which has an average house value of $456,450.
Over the last 24 months of all the Ashburton District suburbs (Dec 2022 - Dec 2024), Methven had the fastest-growing house prices at 4.02% per year.
The suburb that grew the slowest over that period was Tinwald, which grew at a rate of 0.57% per year.
Hurunui suburb prices
Hurunui
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Hurunui District is made up of 4 suburbs. The most expensive suburb is Hanmer Springs, which has an average house value of $811,000. While the most affordable suburb is Cheviot, which has an average house value of $421,600.
Over the last 24 months of all the Hurunui District suburbs (Dec 2022 - Dec 2024), Cheviot had the fastest-growing house prices at 2.50% per year.
The suburb that grew the slowest over that period was Hanmer Springs, which grew at a rate of -0.43% per year.
Kaikoura suburb prices
Kaikoura
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Kaikoura District is made up of 1 suburb, also named Kaikoura. It has an average house value of $732,400.
Over the last 24 months, (Dec 2022 - Dec 2024), the average Kaikoura house value increased by 5.20% per year.
Waimakariri suburb prices
Waimakariri
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Waimakariri District is made up of 8 suburbs. The most expensive suburb is Woodend Beach, which has an average house value of $836,150. While the most affordable suburb is Oxford, which has an average house value of $637,900.
Over the last 24 months of all the Waimakariri District suburbs (Dec 2022 - Dec 2024), Waikuku Beach had the fastest-growing house prices at 0.39% per year.
The suburb that grew the slowest over that period was Oxford, which grew at a rate of -1.63% per year.
MacKenzie suburb prices
Mackenzie
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MacKenzie District is made up of 2 suburbs. The most expensive suburb is Twizel, which has an average house value of $695,800. While the most affordable suburb is Twizel, which has an average house value of $695,800.
Over the last 24 months of all the MacKenzie District suburbs (Dec 2022 - Dec 2024), Twizel had the fastest-growing house prices at -0.04% per year.
The suburb that grew the slowest over that period was Twizel, which grew at a rate of -0.04% per year.
Selwyn suburb prices
Selwyn
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Selwyn District is made up of 10 suburbs. The most expensive suburb is Prebbleton, which has an average house value of $1,216,200. While the most affordable suburb is Southbridge, which has an average house value of $558,700.
Over the last 24 months of all the Selwyn District suburbs (Dec 2022 - Dec 2024), Prebbleton had the fastest-growing house prices at 1.44% per year.
The suburb that grew the slowest over that period was West Melton, which grew at a rate of -2.58% per year.
Timaru suburb prices
Timaru
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Timaru District is made up of 16 suburbs. The most expensive suburb is Gleniti, which has an average house value of $768,150. While the most affordable suburb is Kensington, which has an average house value of $443,050.
Over the last 24 months of all the Timaru District suburbs (Dec 2022 - Dec 2024), Temuka had the fastest-growing house prices at 3.10% per year.
The suburb that grew the slowest over that period was Maori Hill, which grew at a rate of -1.16% per year.
Waimate suburb prices
Waimate
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Waimate District is made up of 1 suburb, also named Waimate. It has an average house value of $448,150.
Over the last 24 months, Dec 2022 - Dec 2024), the average Waimate house value increased by 0.71% per year.
Other property markets to look into
If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.
Do you have a question or comment about the Canterbury property market?
Feel free to leave your thoughts in the comment section at the end of the page.
Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
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