Property Watch: May 2026

Canterbury continued to outperform much of the country, with Christchurch property values showing considerably stronger growth than several other major centres.

Canterbury keeps outperforming the rest of the country

Christchurch’s average property value was up around 55% from the March 2020 lockdown period, compared with 9.6% in Auckland, a 0.2% decline in Wellington and a 21.6% increase nationally.

April 2026 market snapshot

Christchurch: median sale price $720,000, up 4.06% year on year and 1.3% from March’s $711,000. There were 701 sales, up 3.70% year on year, with an average 38 days on market.

Canterbury region: median sale price $710,000, up 1.87% year on year. There were 1,149 sales, up 5.51% year on year, with an average 40 days on market.

Selwyn: 141 sales, an $800,000 median price and 40 days on market.

Waimakariri: 109 sales, up 19.78% year on year, with a $725,000 median and 38 days on market.

Banks Peninsula: 10 sales, an $855,000 median and 42 days on market. Low sales volumes mean individual monthly movements should be treated cautiously.

Canterbury also delivered particularly strong residential sales growth in March 2026, with REINZ data showing volumes up 23.6% year on year.

Interest rates remain the big variable

The Reserve Bank held the Official Cash Rate at 2.25% at its 8 April review. At the same time, inflation remained an important factor for borrowers and the housing market.

Buying or selling property?

Market conditions are only one part of a property decision. Getting the legal details right before you are committed can prevent expensive problems later.

See how we help buyers and sellers or talk to Canterbury Legal.

This update provides general information only and is not legal advice. Market figures are based on the source material prepared for the May 2026 LegalChat edition and may subsequently be revised.