Christchurch’s real estate market continues to buck the national trend, with prices still rising in some suburbs and one setting a record for the city.
While median home values have fallen in every Auckland and Wellington suburb since the market peak – most steeply, and some by over 20% – values have kept rising in a handful of Christchurch suburbs in the past year.
The remaining parts of the city have either seen values fall by an average of less than 5%, or sit flat.
Scarborough has become the first Christchurch suburb where the median value has passed $1.8 million. Kennedys Bush and Fendalton are the next priciest.
Christchurch now has 16 million-dollar-plus suburbs, whereas at the start of the pandemic there were just three.
Scarborough is one of about a dozen areas in the city and surrounding districts where analyst CoreLogic’s latest suburb-by-suburb data says values have not peaked.
Scarborough’s median market value in March reached $1.81m, up from $1.77m three months ago, and higher than the $1.65m a year ago.
The higher home values are not confined to the rich neighbourhoods. The biggest increase over the year has been in Aranui, where the median value rose 8.4% to $477,000.
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