Christchurch joins short list of places where house prices have climbed above previous peak

Tuesday, 9 June 2026

The West Coast is on the short list of South Island places that have recovered or exceeded their past property peaks.

Christchurch has become the latest major centre to push beyond the peak reached during the pandemic property boom.

Average home values are now higher than they were in early 2022 according to QV’s latest House Price Index.

The city joins a short list of southern centres that have either recovered or moved beyond their previous peaks, including Invercargill, Queenstown and Greymouth.

Christchurch has become the latest major centre to push beyond the peak reached during the pandemic property boom. Average home values are now higher than they were in early 2022 according to QV’s latest House Price Index.

Their data shows Christchurch's average home value rose 1.6% in the three months to the end of May, reaching $808,601. That puts it 0.9% above its previous peak.

The city joins a short list of southern centres that have either recovered or moved beyond their previous peaks, including Invercargill, Queenstown and Greymouth.

“Without accounting for inflation, Christchurch has now regained the ground it lost during the downturn in terms of average home value.”

Nationally, the picture is very different. The average home value increased just 0.3% over the first three months of this year, and 14.2% below the market peak.

'There's no rising tide lifting all boats,“ says QV spokesperson Simon Petersen. ”This is a patchwork market, with some centres slowly finding their feet again while others continue to tread water.'

Christchurch pulls ahead

Christchurch is now the largest centre to fully recover the ground lost during the downturn.

'It remains more than $100,000 cheaper to buy the average home there than in the capital city,“ says Peterson, ”and considerably cheaper than in Auckland.'

Peterson says the city has benefited from a more balanced relationship between housing supply and demand, helping it avoid some of the sharper swings experienced elsewhere.

Canterbury townhouse prices start to slip

QV South Island professional services manager Michael Tohill says the townhouse market in the wider Canterbury region, though “is starting to show more pressure, which is a supply situation rather than demand… there are a large number of properties for sale and a large number will be coming on stream later in the year.”

“We’re also seeing some price pressure for older townhouses versus new ones that have a better design element and fitout,” Tohill added.

West Coast quietly joins the list

The West Coast is also home to one of the country's quiet recovery stories.

Home values have risen by an average of 4.4% in the first three months of this year across the region.

Of the three districts that make up the wider region, Buller District recorded the largest increase of 7.4% for the three-month period and an average value of $404,313.

'Affordability is a key factor in the region's appeal,“ says local QV registered valuer Rod Thornton. ”Compared to many other parts of the country, the West Coast remains one of the more accessible markets for first-home buyers.'

'There has been some interest from out-of-town purchasers. However, the market is still largely being driven by owner-occupiers rather than investors.'

Queenstown edges towards $2 million

Queenstown has also continued its steady climb.

The resort town has recorded four consecutive months of modest growth, pushing its average home value closer to the $2m mark at $1,941,723. It’s more than double the national average of $912,190.

Its strong tourism sector, population growth and limited housing supply was driving this, Peterson said.

Southland strength continues

Invercargill remains one of the country's strongest-performing markets, with annual growth of 7.8% and growth in the first three months of the year at 1.7%.

QV said relative affordability ( home values are $546,484 according to QV ) and a local economy tied to the strength of farming is driving it.

Auckland and Wellington still lag

Auckland's average home value was unchanged during the first three months of the year at $1.2 million, leaving it 22.3% below its previous peak.

Wellington recorded modest quarterly growth of 0.2%, but remains 27.6% below its peak.

Both cities experienced much stronger growth during the pandemic boom, then fell further afterwards.