Christchurch lure for first-home buyers
New subdivisions popular in city where prices seen as still affordable
We’re seeing brokers get people approved whereas they have
already been declined by their
own bank so it’s definitely highly
recommended.
Alot of first-home buyers have moved to Christchurch because of the affordable prices, says Justin Haley, residential and projects divisional manager for Bayleys Christchurch.
Incentives for first home buyers to buy off-the-plan tend to attract many to new subdivisions, he says, although Christchurch has plenty of options.
“Predominantly a lot have been landing in Halswell through to Lincoln. It’s good to see them re-entering the market as the CCCFA easements start to take effect a little bit.”
First-home buyers started disappearing from the market last September/October and Bayleys is ready for their return with an in-house team set up to help them work through all the changes and help them deal with banks so they can get their finance pre-approved and be ready to go.
“You’ve got an expert working for you rather than you working directly against your bank. We’re seeing brokers get people approved whereas they have already been declined by their own bank so it’s definitely highly recommended.”
Having the finance already approved makes a big difference if people go into a deadline sale or multi-offer situation, Haley says.
He says subdivisions throughout the northwest of the city are popular areas for first-time buyers with budgets of between $400,000 and $850,000, as well as city suburbs.
Opawa, Woolston, Linwood and the outskirts of Richmond, Bishopdale and St Albans are all great places to buy, as are parts of Avonhead, Burnside and Summerfield.
It’s also possible for firsthome buyers to break into some of the posher suburbs, such as Merivale, where Haley says they could pick up a twobedroom property, which might be one of two or three units, for around $600,000-$700,000.
Another option is a newbuild in the central city where $600,000-plus would buy an apartment or possibly a terrace house. That same amount in some of the other suburbs would get a freestanding 1960s family home on 600sq m to 800sq m. “Christchurch unashamedly — it’s been our secret for a while — but we’re the most affordable city in New Zealand and people are starting to wake up to that now.”
Haley says more than 25,000 people left Auckland since Covid arrived and a lot of them ended up in Christchurch where there is brandnew infrastructure and easy access to mountains and sea, plus affordable housing.
“There’s plenty of room down here, we’re more than happy to have them,” Haley says.