Canterbury Apartment Prices Surge, Outpacing Wellington and Auckland

The property market in Canterbury has seen a remarkable surge, with average apartment prices now exceeding those in both Wellington and Auckland. According to data from realestate.co.nz, the average asking price for an apartment in Canterbury reached $807,348 in October 2025, marking an increase of 39.5% compared to the same period last year. In stark contrast, both Auckland and Wellington experienced notable declines in their apartment prices over the past twelve months.

In Auckland, the average asking price for apartments dropped by 11.7% to $673,114, while Wellington’s prices fell by 20.0% to $561,625. This significant price disparity highlights a growing demand for properties in Canterbury, particularly in Christchurch, which has been rapidly developing its urban appeal.

Growing Appeal of Canterbury

Vanessa Williams, a spokesperson for realestate.co.nz, noted that Canterbury’s rising apartment prices reflect a shift in buyer preferences. “Christchurch is rapidly maturing into a city of choice for the next generation,” she stated. Factors contributing to this trend include improved infrastructure, public transport initiatives, urban design enhancements, and overall accessibility.

The stability of the property market in Canterbury stands in contrast to the fluctuations seen in Auckland and Wellington. The $250,000 price gap between Wellington and Canterbury suggests that buyers are recognizing the long-term value of properties in the south. Williams explained, “A high-spec apartment in Christchurch may now offer more long-term liveability, stability, and return than a comparably priced unit in the capital.”

Market Dynamics and Future Trends

Interestingly, Canterbury was the only region among the three to report an increase in new apartment listings during October, with a rise of 3.8% from the previous year. In comparison, Auckland’s new listings declined by 6.0%, while Wellington saw a decrease of 11.5%. This trend indicates a potential shift in market dynamics, with Christchurch experiencing consistent population growth and enhanced liveability initiatives stemming from ongoing city revitalization efforts.

Data from the Real Estate Institute of New Zealand (REINZ) revealed that the median price for all residential properties in Canterbury increased by 1.4% year-on-year, reaching $710,000. The report highlighted that buyers across all categories were actively engaging with the market, with vendor expectations generally aligning with market realities. Attendance at open homes was particularly strong, especially for newly listed properties.

Notably, Canterbury recorded its highest annual sales increase since March 2021, with a remarkable rise of 19.9%. In contrast, Auckland’s median property price climbed back above $1 million for the first time since March, rising by 3.6% to $1,033,000. Meanwhile, Wellington’s median price for all residential properties fell by 3.5% year-on-year to $767,500.

The evolving landscape of the Canterbury property market presents an intriguing picture, characterized by rising values, increasing demand, and a shift in buyer preferences. As Christchurch continues to develop and enhance its appeal, it remains to be seen how these trends will shape the future of the region’s real estate market.