After the February earthquake, many people who were still trapped used cellphones and landlines to contact loved ones and emergency services. They also used public forums such as the Christchurch People Finder and Press newspaper’s Messages for the Missing.
Christchurch has grown into one of New Zealand’s most important industrial centres, producing meat-freezing works, woolen and textile mills, transportation equipment, and chemicals.
Property description
Christchurch is the second-largest city in New Zealand and is the capital of the Canterbury Region. It is located on the east coast of the South Island, north of Banks Peninsula on Pegasus Bay. The Avon / Otakaro River flows through the centre of Christchurch, and to its south and east the urban area is limited by the volcanic slopes of the Port Hills separating it from Banks Peninsula and the Waimakariri River valley.
The city’s centre is Cathedral Square, surrounding the earthquake-damaged Anglican cathedral of Christ Church. It is surrounded by the four avenues of Bealey Avenue, Fitzgerald Avenue, Moorhouse Avenue and Deans Avenue, which together form the central business district (CBD).
Christchurch’s housing market has cooled since the dizzy heights of last year when the average house price in the city rose 40.2% to $785,000 according to Quotable Value, but it remains more resilient than in Wellington and Auckland.
Before you buy a property in Christchurch, get your ducks in a row by talking to your bank about preapproval and deciding on a budget for yourself. You can also make use of saved searches on Trade Me to be notified when new listings hit the market that meet your criteria. You can also view a copy of the “rating roll” to find out more about a property’s legal description, which you can order from Land Information New Zealand (LINZ) for a small fee.
Location
When investing in Christchurch City, Opes focuses on affordable 2-bedroom townhouses and New Build standalone houses in suburban areas that are close to the city centre but still have low property prices. These typically rent for $480-$550 a week. For investors who have a bigger deposit and lending capacity, they may also consider investing in an affordable standalone house located further out from the city (e.g. in Halswell) where prices are lower and the yield is better. This map allows you to see which suburbs in Christchurch grow in value the fastest and where the highest rental yields are to help you find a suitable investment.
Features
Less than two years after a devastating earthquake, much of Christchurch remains under construction. Some experts estimate that the city centre may not be able to fully reopen for five to 10 years. In February 2011, a magnitude 6.3 earthquake killed 185 people and damaged buildings and roads. The Cathedral Square area is a patchwork of demolition rubble and debris piles.
A small, conservative town, Christchurch exploded into an industrial centre in the latter half of the 20th century, producing clothing, carpets, rubber, wood and cork goods, transportation equipment, soap, fertilizers, glass, and textiles. The city is served by an international airport and the South Island Main Trunk Railway.
Despite its conservative leanings, Christchurch was home to some remarkable midcentury architecture. Several of these homes have been insensitively altered or demolished over the years, and many more were destroyed in the 2010 and 2011 earthquakes. Authors Gaudin and Arnold hope to bring attention to this style of housing, which they believe reflects the city’s character. Highlights include the G Steven Beaven House by Hunt & Associates (1967), which Gaudin describes as “a modernist’s Toad Hall”; and the PNG Blaxall House by Griffiths & Moffat (1967), which Arnold says is “brimming with quiet drama”. Only a few examples remain.
Price
The average two-bedroom townhouse in Christchurch costs around $539,000 (depending on quality, location and whether or not it has a study). These properties typically rent for $480-$590. Opes typically stops recommending property in Christchurch above $750k, as investors will be better off investing in Auckland or other cities where capital growth is faster and rental returns are higher.
Christchurch has become one of the hottest property markets in New Zealand, with prices still comparatively low and many areas experiencing rapid development. But, a heated property market can turn on a dime and approaching headwinds could swing the market in favour of buyers. This means it’s important to stay informed and understand the latest developments in the Christchurch property market. To help you, we’ve mapped the suburbs where house prices have grown the fastest and which suburbs deliver the highest gross rental yields. Simply navigate the map and click on each suburb to view their details. property video Christchurch