Christchurch may be the smallest of the three cities in New Zealand, but that’s part of its charm. Since it’s still a city in every sense of the word, residents can easily access all the offerings that make cities so appealing: good schools and general infrastructure, accessible business hubs, and easy commutes. However, due to its smaller population and more relaxed lifestyle, residents don’t have to deal with the rush and congestion associated with the bigger cities. Christchurch also boasts wonderful outdoor living and offers various activities for nature lovers, all near the city center.
What makes Christchurch even more appealing for those wishing to invest in real estate is its generally lower housing prices, sometimes even substantially. This means buyers are much more likely to buy a bigger home than what they would afford in places like Auckland or Wellington. While some of Christchurch’s costs of living may be higher than in other areas, particularly when it comes to utilities and entertainment, these costs tend to even out and ultimately come in as lower, overall, than the larger cities, particularly when you take food and transport costs into account.
With the option of gaining so much more while paying so much less, it’s no wonder that more and more people are flocking to invest in this city. Indeed, in terms of real estate, Christchurch is hard to beat, both in location and price. The current interest in buying a property in this city also reflects a growing trend in NZ and other parts of the world of people wishing to relocate to less crowded areas in favor of quieter and closer to nature. Since the COVID-19 pandemic has negatively impacted many individuals’ finances, cheaper property in a good location that offers more for the money is a key drawcard for many. Larger properties that allow extended families to live together and save on costs are especially sought after in the current climate, as larger, long-term rentals enable house-share opportunities.
First-time buyers seek out Christchurch and similar smaller cities as such areas allow them to take advantage of the low-interest rates and lower living costs. Developments are also increasing in these areas, enabling even some first-time buyers to get in on the ground floor of great investment opportunities.
While it is likely that the current surge in property buying and selling may reach a plateau in the next few months, the recent growth and movement in the market are encouraging for the NZ economy in general. It also means a broad increase in economic activity in areas that the pandemic would have far harder hit had new investors entered the market. Local economies are key to NZ’s financial sustainability. The trend of buyers seeking out property in locations like Christchurch, which has often been overlooked, should continue to be encouraged.
