Christchurch property values bouncing back

Home values have risen across most of Christchurch in the past year, as increased demand pushes prices back up towards their market peak.

The greater city area now has $16 million-plus suburbs. Only four suburbs have average values less than half a million dollars.

Quotable Value’s local valuer Rod Thornton said a “general trend” of increased buyer interest and increasing values became apparent in the later months of 2023. The city’s average home value is now $767,000, still short of the market peak of $783,000 in mid-2022, according to property analyst CoreLogic.

The number of homes for sale is about 5% lower than at the same time last year.

CoreLogic’s latest Mapping the Market report reveals the city’s average home values and annual changes, suburb by suburb. After peaking in mid-2022 prices fell in all parts of the city and surrounding areas, but by less than in the other main cities. Values in most parts of Christchurch have regained ground over the past year. About a dozen of the 82 suburbs and areas of greater Christchurch had increases of more than 3% over the past 12 months, the report said. Most of the bigger increases have been in outer suburbs.

The biggest annual rise in values was in Templeton (4.5%), followed by Hillmorton (4%), Avonhead (3.8%), Islington (3.5%), New Brighton (3.8%), Hoon Hay (3.7%), St Martins (3.4%), Spreydon (3.3%), Southshore (3.2%), North New Brighton (3%), and Hillsborough (3%). In the greater city area the biggest rises were in Duvauchelle (3.8%), and Spencerville (3.2%). Of the locations where values remain lower than a year ago, the biggest decreases have been in West Melton and Aranui (both down 5.6%), Merivale (-4%), and Lincoln (-3.1%).

CoreLogic’s report said that across greater Christchurch, “the emerging recovery is clear”.

Values are still lower than a year ago in most parts of New Zealand, with Canterbury, Otago and the West Coast the only regions where values have risen.

Nationally, the average home value is still about 2.7% lower than a year ago.

The dearest suburb of Christchurch remains Scarborough Hill, with an average value of $1.76m, followed by Kennedy’s Bush with $1.64m, Fendalton with $1.63m and Merivale at $1.45m.

The other million-dollar-plus suburbs, in order, are Richmond Hill ($1.38m), Clifton Hill and Strowan (both $1.26m), plus West Melton, Redcliffs, Cashmere, Westmorland, Huntsbury, Sumner, Moncks Bay, Mt Pleasant, and Prebbleton (all between $1.1m and $1.2m).

Just four suburbs now have average home values under half a million dollars.

The cheapest suburb is still Phillipstown with an average value of $450,000, followed by Aranui ($454,000), Linwood ($490,000), and Wainoni ($498,000). Next cheapest are Waltham ($504,000), Bromley ($519,000), Addington ($543,000), and Avonside ($546,000).

Queenstown Lakes district has the nation’s dearest average value at $1.78m.