House prices in New Zealand have been increasing over the last 15 years. The rise in house prices has particularly been felt in the main urban centres.

The 2011 earthquakes have had a profound effect on the housing market in Christchurch, with a rapid growth in sale prices followed by a period of low growth.

Topic

Status

Key findings

Median house sale price Fluctuating trend
FluctuatingTrend

In 2018, the city's median house sale price was $443,500. 

After rapid growth following the 2011 earthquakes, the city's median house sale price has remained relatively flat since 2014; a trend not reflected in other New Zealand cities. Further information.

House sale price by suburb InformationInformation House sale prices differ throughout the city. In June 2017, Hagley Park and Holmwood area units had the highest median sale prices at $1.2 million. Further information.
Median section sale price Fluctuating trend
FluctuatingTrend

In 2018, the Christchurch median section sale price was $232,500. 

This has remained relatively stable since the 2011 earthquakes, as opposed to the median house sale price, which increased over this period. Further information.

House sales

At June 2018, the Christchurch median house sale price was $443,500. The national median was $560,000. 

Christchurch house sale prices have tended to follow the national trend, and increased sharply between 2002 and 2007, before slowing during the Global Financial Crisis in 2007 and 2008.

Christchurch sale prices are typically lower than national prices. The exception to this was in 2014, when Christchurch sale prices were briefly higher than the national median as the city was in the middle of the post-earthquake housing shortage.

From 2014 onwards, the New Zealand median house sale price has continued to increase, whereas the Christchurch median house price has remained fairly stagnant, at around $440,000. The gap continues to widen. The large amount of new housing construction from 2014 onwards has led to an increase in the housing supply in Christchurch, which has contributed to a levelling off in the city's median house sale price.  

House sale prices by location

In Christchurch City, like most cities, there are noticeable geographic patterns in house values and sale prices. The parts of the city with the highest sale prices include the inner north-west (Fendalton and surrounds) and the hillside suburbs (such as Cashmere and Kennedys Bush). There are also pockets throughout the city with higher prices, such as Prestons.

In June 2017, the area units with the highest median house sale prices were Hagley Park ($1.23 million) and Holmwood ($1.21 million).

The following dashboard visually presents MBIE(external link)'s median house sales by area unit (suburb) from 1994 to 2017. This dashboard allows users to observe the change in the annual median house price within selected Christchurch area units over time.

Instructions for using the Tableau dashboard below.

Section sales

The median section sale price in Christchurch was $232,500 at June 2018. This compares with $260,000 for the whole of New Zealand.

The median section price in Christchurch has remained relatively level since 2009, with fluctuations in growth. Between 2000 and 2008, the median house price and median section price followed a similar pattern of growth, both of which increased at a very similar rate. 

Following the Global Financial Crisis in 2008, the median section price stabilised at around $200,000 while the median house price increased.  

 

Further information

Please email monitor@ccc.govt.nz for further information.

Liability statement

Every effort has been made to ensure accuracy in processing, analysing and reporting the information provided in these web pages and reports. However, the Christchurch City Council gives no warranty that the information in these web pages and reports contain no errors. The Council shall not be liable for any loss or damage suffered consequent upon the use directly, or indirectly, of the information supplied in this publication.