Detective Inspector Mike Ford said the man is due to appear in the Christchurch District Court today.
Police were called about 10.50pm on Wednesday to the property following a report a man had been stabbed.
When they arrived the man was found dead, Detective Inspector Ford said.
"A 58-year-old man has been arrested in relation to the homicide at a Riccarton Road property on Wednesday night," he said.
"The man has been charged with murder and is due to appear in Christchurch District Court today.
"A scene examination will continue at the property today."
Anyone who has information to share who has not yet spoken with police is urged to come forward.
It was understood the accused was known to the victim.
Anyone with information is asked to call police on 105, or give information anonymously through Crimestoppers - 0800 555 111.
