Christchurch Property Market Update - April 2025
The Canterbury property market remained fairly stable throughout March, however, we saw a lot more properties being listed and sold than the month prior.
There’s a lot happening in the market right now, with the effects of worldwide impacts such as tariffs being felt. General consumer spending is down slightly this month, and there is slightly more job uncertainty, as people are waiting to see what effects will be felt. On the bright side, interest rates continue to move downward, and it’s expected we will see even further drops with rumours the Official Cash Rate will continue to fall throughout 2025. House listings are up in the region, and we are seeing more and more people looking to make their move in the property market, despite the international uncertainty.
Who is in the market right now?
First home buyers and owner-occupiers remain the most active across the wider Canterbury region. Some smaller regions like Ashburton are reporting increased investor activity, however, most investors seem to be holding back at the moment.
Real estate agents report that open home attendance has been steady across the region, with especially good numbers through the newest listings. Auction activity continues to be mixed, but many agents report reasonable clearance rates and sales via negotiation afterwards if the property is passed in at auction.
Most vendors are realistic about their asking price, and are happy to be guided by local agents when it comes to pricing their homes and negotiating with the offers on the table.
Canterbury sales statistics
The median house price in Canterbury was $695,000, which is exactly the same as this time last year, and down slightly (1.5%) on the month prior.
In Christchurch City, the median house price was $700,000, again slightly less than this time last month and down 0.8% on this time last year. The city’s median house price sits just slightly higher than the median average.
Below are the monthly sales statistics for the Canterbury region. As always, the figures for the smaller regions can change dramatically due to the number or price of properties sold in the region.
Ashburton District - median house price sits at $550,000, up 5.8% on this time last year
Hurunui District- median house price sits at $550,000, down 20.9% on this time last year
Kaikoura District - median house price sits at $752,000, with no data to compare to last year
Mackenzie District - median house price sits at $825,000, up 3.1% on this time last year
Selwyn District - median house price sits at $800,000, down 3.5% on this time last year
Timaru District - median house price sits at $477,500, up 1.6% on this time last year
Waimakariri District - median house price sits at $730,000, no change from this time last year
Waimate District - median house price sits at $415,000, up 9.2% on this time last year
Regional sales information
During the month of March, there were 1,335 properties sold across Canterbury, with 876 of these being sold in Christchurch City. This is a reasonable jump in sales compared to February (1,120 sold) and March 2024 (1,080 sold).
The average property took 36 days to sell, which is up 5 days from March. This figure has significantly decreased since the end of 2024, however, showing that properties are beginning to move quickly. This is also a timely reminder for those looking to buy that you need to have your ducks in a row to avoid missing out. Talking to us and getting pre-approved will speed up that process and help ensure you are ahead of the rest.
Despite international uncertainties, the New Zealand property market is looking good. While there may never be a ‘perfect’ time to buy a home, the current conditions are definitely in the buyer's favour. If you want to buy a property, or are keen just to see if it is an option for you, reach out to our team of Christchurch mortgage advisers to book your free appointment.
With advisers in both Christchurch and South Canterbury, we understand the local region and can help you make educated decisions around your property and financial goals.
Source: REINZ