Canterbury Market Update - June 2025
The Canterbury property market remained fairly stable across the month of May, with the average house price remaining exactly the same as one year ago.
While there might not be much happening in the market, there are certainly a lot of factors influencing both buyers and vendors. House prices, interest rates, upcoming OCR announcements, global economy uncertainty, and the cost of living to name just a few.
Here's the local data for the month of May...
Who is in the market right now?
Owner-occupiers and first home buyers continue to dominate the buyer market, with a decline in investor activity this month. Houses that are lower to mid range in pricing are also attracting the most attention, with local agents reporting a slow down in sales at the higher end of the market.
Agents also report that open home attendance has been overall positive, with increased requests for private viewings too. Like we’ve reported in the past, homes that are new to the market or are priced accordingly are attracting a lot more attention than those where the vendor is holding out for top dollar.
Attendance at auction has also increased along with an increase in buyer activity and interest. Most vendors are happy to price their homes in line with the market and are meeting market conditions.
Canterbury sales statistics
The median house price for the Canterbury region in May was $680,000. This is down 2.3% on the month prior and exactly the same as this time a year ago.
In Christchurch City, the average house price sits at $675,000, down 2.4% compared to April, but down only 0.5% on this time last year.
Here’s how the median house price is looking across the regions. Remember some of the smaller regions can fluctuate greatly depending on the number of sales and the sale price that month so this can sometimes skew the monthly figures. In some of the smaller districts, only a handful of houses may sell each month.
Ashburton District - median house price sits at $550,000, down 3.5% on this time last year
Hurunui District- median house price sits at $730,000, up 19.7% on this time last year
Kaikoura District - median house price sits at $665,000, down 19.6% on this time last year.
Mackenzie District - median house price sits at $820,000, up 36.7% on this time last year
Selwyn District - median house price sits at $800,000, down 2.4% on this time last year
Timaru District - median house price sits at $535,000, up 8.1% on this time last year
Waimakariri District - median house price sits at $725,000, no change from this time last year
Waimate District - median house price sits at $396,000, up 13.1% on this time last year
Regional sales information
During the month of May, there were 1,213 properties sold in the Canterbury region, with 769 of these being sold in Christchurch City. This is up compared to both April (1,141) and this time last year (1,183).
The average Canterbury property took 43 days to sell. This is up from 36 days in April and up from 31 days in March. This is fairly common at this time of the year, where both listings and sales begin to slow as the cooler months kick in.
The pressure on the market has definitely eased and we are seeing a lack of buyer urgency. This is due to the lower house prices, lower interest rates and the number of properties currently for sale. It is definitely a buyers market right now.
Like everything, property is very cyclical and right now we are, much like the weather, in a cooler period. This makes for a great time to buy with less pressure and competition and prices at a relatively low level. Like everything, we expect to see the market begin to pick up towards the end of the year, when vendors begin to list their homes in Spring.
If you are looking to buy property, no matter whether it is a first home, next home or investment property, our team of Christchurch based mortgage advisors can help.
With advisors based in both Christchurch and Canterbury, we know the local market like the back of our hand and can advise you on your next purchase. There’s plenty to consider in the market right now, with loan structures and interest rates ever changing.
Book your free appointment with our team and let us help you on your home buying journey.