Affordable housing and ease of living remain a strong pull as the city’s rebuild, a healthy local economy and recreational attractions draw in more new arrivals.
The Cotality Home Value Index showed Christchurch led the main centres in median property values across the year, with a 2.6% increase when Auckland fell by 2.6%, Wellington 2%, Hamilton 1.2% and Dunedin 0.3%. Tauranga was the other centre to rise, up 1%. The index recorded a modest drop nationally in property values of 0.2% in December and 1% over the year.
Real Estate Institute of New Zealand Canterbury ambassador Vanessa Golightly said Christchurch seemed like the place to be.
“A lot of people are coming here for work or relocating, or moving to family or coming back from overseas. More so now than ever before, a lot more people seem to be moving to Christchurch.
"Why would you live in Auckland when you can live in Christchurch?’’
She said the lifestyle, cost of living and affordable housing were factors. To get to nearby parks, golf courses and beaches usually took a maximum of half an hour driving and the ‘‘big-little city’’ had a relatively safe reputation, she said.
The Ray White Papanui co-owner said low commuting times made it a good option for families and a thriving city centre had enough going for young people.
‘‘For example, I had one young guy I sold a house to who worked for an overseas tech company and was living in Auckland. He wanted to buy his first home and it didn’t matter where he lived because he worked remotely so he actually flew to Christchurch, looked around as he could get way more for his money. So he purchased here versus up there.’’
She said a greater trend was overseas Kiwis returning home and seeing Christchurch as their favourite option. Bungalows with a backyard continued to sell well among other first-home buyers. Overseas arrivals from the likes of India or South Africa are often making new homes near migrant communities.
While the market is still slow, signs of a recovery are emerging with a possible 5% rise in property values this year as long as low mortgage rates, regulatory changes and an economic recovery with more jobs play out.
The latest OneRoof house price figures show the average property value in Christchurch is about $805,000.
Christchurch mortgage broker Gareth Veale said more North Islanders were being attracted by the vibe of the city and its positive local economy and job market.
The property market was providing good value for money with a three-bedroom house in a suburb close to the city going for $700,000 to $800,000, he said.
‘‘That’s just not possible in the likes of Auckland and you are compromised with what you can buy in Wellington at that rate as well. You might be getting a townhouse or something that needs a lot of work, but in Christchurch you are able to get some pretty good buying.’’
The financial advisor with GV Financial Services said much of the upbeat feeling about the city was from investment coming in after the quakes.
