Christchurch & New Zealand Property Market – 2016 Real Estate Summary & 2017 Forecast Preview
The average home value in Christchurch as of December 2016 was $494,247. In December 2015 it was $482,043.
Values have risen 2.5% in 2016. This was relatively low in comparison to other South Island regions – listed at the bottom of this article.
In contrast… the average value in Auckland & Queenstown Lakes is now $1,047,179 and $1,022,214! Nationally the average value was $627,905, up 12.5 per cent in a year.
Feedback from 2016 for me personally was… well-presented homes in the $500,000 price bracket moved with relative ease on the market and of course first-buyer homes remained popular with different buyer groups.
Looking Ahead at 2017… An election at home this year, question marks about the Auckland market being overvalued, and the threat of further borrowing restrictions are adding to the concerns. Auckland’s stellar annual growth slowing and other North Island centres experiencing a knock-on effect in particular the hot Wellington market.
ASB senior economist Jane Turner said 2017 was shaping up to be a year full of promise for New Zealand’s economy.
“Strong population growth and low interest rates have fuelled construction demand, a tourism boom has the retail sector humming, the labour market has tightened and New Zealand households feel more confident, and dairy prices have finally turned around.”
I believe that everyone is guessing in their own terms about the housing market, “surely this can’t go on forever”.
In regard to Christchurch I think there is nothing but potential and promise, businesses begin to open and move back to the city centre, shopping centres continue to emerge in town such as the new ANZ Centre. Christchurch is becoming more attractive and with a slow and steady housing market and the North Island some what appearing to ‘peak’ I think… we will have a very positive year.
Average values, annual change:
Queenstown Lakes $1,022,214 +$31.6%
Nelson $499,866 +16.6%
Marlborough $421,688 +15.2%
Dunedin $354,133 +14.6%
Invercargill $236,416 +9.8%
Southland $228,760 +7.6%
Timaru $334,433 +6.5%
Selwyn $544,335 +3.8%
Waimakariri $431,724 +3.5%
Ashburton $352,732 +3.2%
Christchurch $494,247 +2.5%
Thomas Knight – Sales Consultant