Why Christchurch is still New Zealand’s most affordable major city

Jorge: During the last decade, the average weekly median household income in Canterbury has been $1,543, slightly above the national figure ($1,529). Also, during the same period, the average unemployment rate in Christchurch has been 4.6 percent, below the national unemployment rate (5.1 percent).

In Canterbury, from 2016 to 2019 annual average income growth was higher than the average growth rate of the median house price (For example the average income increased by 3.9 percent per year vs median house price growth of 2 percent per year).

Canterbury’s average income continued to increase in 2020 and 2021 by 2.5 and 4.4 per cent respectively. But it is during these two years that house prices have seen some of the strongest growth – outpacing income growth.

Yet still, Christchurch residents contribute less of their overall income to their mortgage than those in Wellington and Auckland. In Canterbury 18 percent of the average income goes to a mortgage, compared to Auckland at 39 percent and Wellington at 30 percent.