New data shows that regional parts of New Zealand are experiencing the fastest house price growth in the country. So what effect has that growth had on Christchurch?
In the last year, Christchurch property prices fell 0.8 per cent making it the only city in New Zealand to experience a fall in prices.
The national average asking price for houses fell after summer, falling 1.7 per cent to $629,800. Small (1-2 bedrooms) and medium (3-4 bedrooms) houses continue to be the most popular house type across the country.
There was also a sharp dip in the average asking price for apartments in Christchurch which fell 18.9 per cent to $362,500.
Future market predictions
Reports suggest that Christchurch could grow by about 150,000 people in the next 30 years, prompting the need for 75,000 new homes to be built. Different types of housing will also be in high demand in the near future to accommodate the city’s ageing population.
Most of the market will continue renting with the number of people who own their own homes expected to drop by seven per cent, down to just 61 per cent by 2048.
It’s not just space for housing the city will need to consider, it’s also space for industry, retail and offices.
