Buyers shift south as flat affordability reshapes demand
Canterbury has emerged as the country’s standout apartment market, with the region’s average asking price reaching $807,500 in October – up 39.5% year-on-year, according to new data from realestate.co.nz. This places Canterbury apartments almost $250,000 above Wellington’s average value, marking one of the widest regional gaps on record.
The surge comes as national market confidence lifts, with REINZ reporting a 6.4% annual rise in residential sales and stronger-than-usual spring activity across most regions – a trend helping support demand for apartments in growth centres like Christchurch.
Capital and Auckland apartment markets lose ground
In contrast, both Auckland and Wellington apartment values retreated over the past 12 months.
Auckland’s average asking price fell 11.7% to $673,100, while Wellington recorded a significant 20% drop to $561,600.
The decline has widened the affordability divide between the capital and the South Island’s largest urban centre.
Christchurch’s appeal reshapes buyer demand
Vanessa Williams (pictured), realestate.co.nz spokesperson, said the figures reflect Canterbury’s growing urban pull.
“Christchurch is rapidly maturing into a city of choice for the next generation," Williams said. "Its infrastructure and development, public transport vision, urban design considerations, and accessibility, are creating demand, which is now being reflected in apartment values.”
She said buyers are increasingly recognising the long-term value proposition of Canterbury apartments over Wellington’s offerings.
“A high-spec apartment in Christchurch may now offer more long-term liveability, stability and return than a comparably priced unit in the capital,” Williams said.
Wellington’s average apartment asking price hasn’t been in the $800,000 range since May 2023, when the region peaked at $818,600.
The shift reflects weaker demand and slowing new listings across the capital.
Canterbury stands out with rising new apartment supply
Canterbury was the only one of the three major centres to record an annual lift in new apartment listings in October, up 3.8% year-on-year.
Auckland’s new apartment listings dropped 6%, while Wellington’s fell 11.5% over the same period.
Williams said the growth in supply reflects deeper structural changes in Christchurch.
“There are fascinating factors at play in the Canterbury region at present, with Christchurch City’s consistent population growth and growth in liveability initiatives born out of the revitalisation of the city," Williams said. "This could be driving the rise in the region’s apartment market pricing as centrally located, lower maintenance living has increasing appeal for Kiwis.”
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