What's happening with Christchurch house prices?

The average price of a Christchurch property is $765,011 (CoreLogic, June 2024).

Christchurch house prices are up 1.10% over the last three months (REINZ). And they are 2.82% up over the last 12 months.

Christchurch house prices soared after the Covid-19 pandemic began. House prices started out 37% below the eventual peak of the market.

However, after that peak in February 2022, house prices fell 10.72% before bottoming out in June 2023.

Today, Christchurch house prices are down 5.81% compared to their peak. That means prices have risen 5.50% since the bottom of the market.

At the absolute bottom of its property cycle, Christchurch was 22.86% undervalued.

Today, property prices in Christchurch are undervalued 7.20%.

That suggests there is a buying opportunity in Christchurch.

I track the value of 87 suburbs in Christchurch. The most expensive suburb is Scarborough, which has an average house value of $1,835,750. While the most affordable suburb is Phillipstown, which has an average house value of $456,100.

I track the value of just 1 suburb in Christchurch. It's called Phillipstown and you can see how the average property value is changing in the graph below.

I track the value of 87 suburbs in Christchurch. The most expensive suburb is Scarborough, which has an average house value of $1,835,750. While the most affordable suburb is Phillipstown, which has an average house value of $456,100.

Over the last 24 months of all Christchurch suburbs (June 2022 - June 2024, Aranui had the fastest-growing house prices. They have gone up 4.66% over that period.

The suburb that fell the fastest over that period was Governors Bay. Property values in this suburb fell by 5.09% over those 2 years.

Here's how rents are changing in Christchurch. Over the last four years (April 2020 - April 2024) the median rent has gone up $123 a week. That's 6.70% a year (on average).

Over the last 12 months, rents have gone up. They are up 7.60% ($38 a week) year on year.

One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”

Some call it the RV (Rateable Value) or GV (Government Value).

Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property. So even if the seller hasn't advertised a price, you can get a feel for what the property might sell for.

This table shows whether the average property is selling above or below CV across Canterbury.

Where do house prices go up the fastest in Christchurch?

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.

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Christchurch property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

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 Canterbury property market here.

• Ashburton District property market
• Hurunui District property market
• Kaikoura District property market
• MacKenzie District property market
• Selwyn District property market
• Timaru District property market
• Waimakariri District property market
• Waimate District property market