Can you feel it? I can. With one foot in the city’s real estate market and the other as publisher of the city’s best trendspotter, I can sense a rising tide of business and property confidence that will make 2024 Christchurch’s time to shine.
Intuition is one thing; the data backs it up.
- After two years of softening activity, Christchurch's median house price rose 2.4 percent in the third quarter as increased demand pushes prices back towards their peak.
- The city’s economy grew 2.4 percent in the year to September 2023. By comparison, the country’s economy grew only 1.7 percent in the same period.
- Consumer confidence in Canterbury continues to improve while nationally, consumer confidence is falling.
Inside the Four Aves, the population continues to increase as young couples and their downsizing elders take advantage of the high-quality apartment and townhouse developments on offer. Data shows that the number of people living in the inner city increased to 8800 last year. That’s a 4.3 percent increase compared with 1.5 percent growth across Christchurch City as a whole. As of June 2023, the Four Aves population was 7 percent higher than pre-quake levels.
The city’s commercial property market is benefiting from low vacancy rates and stable or rising rents. Property firm CBRE says high demand persists for prime CBD street-front premises. In the industrial market, “vacancy is virtually zero and occupier demand remains insatiable”.
And of course our champions of hospo continue to showcase the city’s charms. New kids on the block such as Kokomo in The Welder complex add to our argument of being the food and drink capital of Aotearoa.
Sure, we face challenges but the good news is plenty enough to get the glass over half-full (“I’ll have a Three Boys pilsener, thanks”).
The momentum can only step up once our wonderful Te Kaha stadium, AKA The Pav, opens its turnstiles to the public next year. With it will come the concerts, the big games and everything else we have been missing since the demise of the storied Lancaster Park.
Even before that, the likes of the new Court Theatre complex, due to open on the corner of Colombo and Gloucester streets this year, will bring a huge boost to the city’s entertainment offerings. Our professional theatre company will once again be in the heart of the city.
My various marketing and publishing roles over the years have given me a ringside seat to the city’s evolution. Change is just what the modern world does but it’s comforting to know that some things stay the same, like the always impressive taste@twenty and the city’s best espresso martinis at No.4.
Real estate is my new bag. It’s another way of getting involved with the city. Homes are such a big part of people’s lives and stories and I like the idea of playing some small part in that.
Combined, the different aspects of my career mean I have my finger on the pulse of what is hot and happening in the city.
In the real estate market, I’m seeing strong activity. Some vendors are sitting on their hands, a bit nervous about what’s ahead, but there’s a lot of demand and we’re getting some good prices at auction.
Buyers are out in force and competition for suitable properties is hot. Kiwis are returning from overseas and looking for somewhere to settle. Investors and first-home buyers from around the country are also keen to buy in Christchurch, which is seen as a go-ahead, affordable city.
In a market where sale prices are often above the appraisal value, it’s hard to set a price. That’s why auctions are the way to go. If I was selling my house, I’d auction it.
After 20 years championing Christchurch in print and online as a publisher, Andrea Rickerby is now also a Harcourts gold real estate sales consultant. If you are looking to buy, thinking of selling, or know someone who is, get in touch with Andrea today.
harcourtsgold.co.nz/andrea.rickerby/