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 year to June 2020, the median sale price for the Greater Christchurch urban area was $485,000. For the council areas, Christchurch was $465,000, Selwyn $575,000 and Waimakariri $500,000.
  • Median dwelling sale prices in the Greater Christchurch urban area have increased by over 28% in the past decade, from $379,013 in June 2010 to $485,000 in June 2020.
  • Selwyn had the highest mean weekly rental price in June 2020 at $421. Waimakariri ($407) was higher than in Christchurch ($362). Across Greater Christchurch the mean for the quarter was $367.

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. It is unclear yet what the impact of the COVID-19 response and economic recession will be on house sales and rental prices.

Dwelling Sale Prices:

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 not presented in inflation adjusted terms with a base period of the most current period. Note that when we include the effects of inflation prices are lower 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:

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 not 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 Housing and Urban Development.

 

Data Source

Ministry of Housing and Urban Development, Urban Development Capacity Dashboard

Data Access

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

Date Updated

To September 2020 (data is updated quarterly with monthly figures)

Data Download

Download the tables here [XLSX, 28 KB]

Page Updated

March 2021

Data breakdowns

Geographic Area

Greater Christchurch urban area

 Data breakdowns

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