House Sale and Rental Prices

Why is this important?

House sale and rental prices over time help to give a picture of what is happening in the housing market in terms of supply and demand, and household affordability.

Key points

  • In the quarter to December 2019, the median sale price for the Greater Christchurch urban area was $484,200. For the council areas, Christchurch was $463,500, Selwyn $569,300 and Waimakariri $498,800.
  • Median dwelling sale prices in the Greater Christchurch urban area have increased by over 22% in the past decade, from $395,300 in December 2009 to $484,200 in December 2019.
  • Selwyn had the highest mean weekly rental price in December 2019 at $407. Waimakariri ($379) was higher than in Christchurch ($338). Across Greater Christchurch the mean for the quarter was $342.

Note this is an interactive chart and you can click on the legend items to change what is shown on the graph.

Commentary

The post-quake rebuild and strong greenfield development has resulted in a strong supply of houses, which in turn has softened house prices across Greater Christchurch. An increased supply of housing and relatively steady demand has also led to easing rents across Greater Christchurch.

Data notes

Dwelling Sale Prices (inflation adjusted):

This indicator shows the median prices of residential dwellings sold in each quarter. This median price series is not adjusted for size and quality of dwellings.

Prices are presented in inflation adjusted terms with a base period of the most current period. Note that when we remove the effects of inflation prices are higher in the past compared with unadjusted prices when viewed from today's prices.

This Ministry of Business, Innovation and Employment data is sourced from CoreLogic.

Dwelling Rental Prices (inflation adjusted):

This indicator reflects real mean rents as reported in new rental bonds lodged with the Ministry of Business, Innovation and Employment. The mean used is a geometric mean. The reason for using this mean is that rents cluster around round numbers and tend to plateau for months at a time (spiking up by say $10 or $20 at a time). This makes analysis of time series difficult and using the geometric mean is a way of removing this clustering effect.

Prices are presented in inflation adjusted terms with a base period of the most current period. The data is for private bonds only and so excludes social housing.

Data is sourced from the Ministry of Business, Innovation and Employment.

Data information and downloads

 

Data Source

Urban development capacity dashboard, MBIE

Data Access

Dashboard is available online(external link), as are the data tables(external link) for download

Date Updated

To December 2019 (data is updated quarterly with monthly figures)

Data Download

Download the tables here [XLSX, 28 KB]

Page Updated

June 2020

Data breakdowns

Geographic Area

Greater Christchurch urban area

 Data breakdowns

Territorial Authority level – Christchurch City Council, Selwyn District Council, Waimakariri District Council

 

 

Links to other information and reports