North Canterbury Housing Boom: What’s Predicted For 2025

Thursday, 23 January 2025, 5:13 pm
Article: David Hill - Local Democracy Reporter

A building boom is still being felt in parts of North Canterbury, despite wider economic uncertainties.

Waimakariri District Council issued 743 consents for new builds in 2024, with Rangiora and Kaiapoi both seeing a jump in consents compared to the previous year.

Ray White Rangiora manager Stuart Morris said while there continues to be strong interest from North Island buyers, he is predicting ‘‘a relatively unexciting year’’ with ‘‘slow, sustainable growth’’.

‘‘The economy has shifted enough to suggest we might enter into some stable years of slow growth which is good for real estate.’’

The average price in Rangiora is $700,000, with prices ranging from older two-bedroom houses at around $400,000 to new, large family homes selling for more than $1 million.

Demand is strong among young couples for new two-bedroom homes costing $650,000 to $700,000, Mr Morris said.

‘‘The doer-upper isn’t really something young people are looking at unless they are in a trade, which is a shame, because I think the older homes still offer something.’’

North Canterbury’s rental stock has been low since the earthquakes.

‘‘It is an important stage in life between leaving home and buying your first home, but there just aren’t many options,’’ Mr Morris said.

The Waimakariri District Council issued 743 consents for new houses in 2024, down slightly on the previous year’s total of 763.

While consent numbers were down on the Covid boom years of 2021 (928) and 2022 (836), it was above the long-term average for the district of 485.

The Hurunui and Kaikōura councils also reported strong consent numbers, as families look for a change in lifestyle.

Consent numbers were up in Rangiora and Kaiapoi with 157 (77 in 2023) and 155 (114) respectively.
Woodend led the way with 242 consents last year, but was down from 354 in 2023.

The Waimakariri district is also experiencing growth in the commercial sector, issuing 55 consents for large commercial projects last year.

Waimakariri Mayor Dan Gordon said it was fantastic to see big companies such as Sutton Tools, Hallmark and Harvey Norman choosing to invest in the region.

The council is also working on a ‘‘Strategy for Southbrook’’, to recognise the growth of this commercial area.

Hurunui District Council building and property manager Kerry Walsh said 148 consents were issued for new houses last year, compared to 143 in 2023 and 195 in 2022.

The largest projects are the Soldiers Block restoration in Hanmer Springs and the Amberley Country Estate Retirement Village.

Kaikōura District Council building control manager Glenn Vaughan said 29 consents for new houses were issued last year, compared to 32 in 2023.

The biggest projects are the Vicarage Views housing sub-division and the Wakatu Quay commercial development.

North Canterbury experienced a real estate boom during Covid in 2021 and 2022, followed by the impact of high inflation and interest rates.

LDR is local body journalism co-funded by RNZ and NZ On Air.

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