In this update, we cover:

• Christchurch’s “super fortnight” delivered major economic impact, with tens of millions injected into the local economy

• Strong event-driven activity continues to reinforce the city’s growth and appeal

• Global uncertainty and inflation pressures are still influencing interest rates and investor sentiment

• National rents are easing slightly, but Canterbury — particularly Christchurch — is showing resilience

• Tightening local supply and faster days on market are beginning to favour property owners

• Investor behaviour is shifting, with a growing focus on new builds and multi-unit developments

It’s been a busy month here in the Garden City, with Supercars followed by the Super Round of Super Rugby over the weekend.

Supercars attracted over 65,000 visitors to Ruapuna Raceway on 18–19 April — the first time the event has ever been held in the South Island. The Christchurch Super 440 saw the Canterbury Car Club venue undergo a remarkable transformation, with more than $1 million invested to meet required standards and enhance safety. The result was a venue almost unrecognisable from its former self.

This was just one of several events boosting visitor numbers and spending, with ChristchurchNZ estimating around 14,000 visitors contributed approximately $10 million to the local economy.

The momentum continued with the Super Round, where more than 70,000 fans packed into the new One New Zealand Stadium across the weekend. While official spending figures are yet to be released, it’s expected to be in the tens of millions.

With Supercars secured on a three-year contract, there are high hopes the rugby will return next year, creating another “super fortnight” for the city. While nothing is confirmed, Super Rugby CEO Jack Mesley noted the overwhelming success of the weekend:

“It’s fair to say, whilst we had high hopes, we probably didn’t expect the level of success we’ve seen.”

Hospitality venues across central Christchurch saw a significant surge in activity. One venue reportedly poured up to 2,500 litres of beer on opening night, while others scrambled to restock to keep up with demand throughout the weekend.

Events like these continue to reinforce Christchurch as a vibrant, growing destination.

Global Uncertainty

While dairy farmers saw a significant boost mid-month following Fonterra’s $3.2 billion sale of its consumer brands to Lactalis, broader global conditions have created a more uncertain backdrop.

Despite New Zealand’s geographic isolation, global events continue to have a direct impact. Rising geopolitical tensions and energy market instability have pushed fuel prices higher, contributing to inflationary pressure locally. These effects are still working their way through the economy.

And to the Local Market…

Locally, stock levels remain a few hundred properties below the long-term average.

Earlier this year, we noted the market was sitting in a “sweet spot” — a relatively balanced position between tenants and landlords. That balance now appears to be shifting slightly in favour of property owners.

A key indicator is days on market:

• Last month: 18–20 days

• This month: ~17 days

• Down from 21–23 days in May last year

This downward trend, combined with lower stock levels, is placing gradual upward pressure on rents. For property owners, this means well-positioned rentals are continuing to perform, particularly where pricing and presentation align with current tenant expectations.

Across surrounding areas:

• Waimakariri: ~13 days on market

• Selwyn: ~20 days (with more supply, particularly in Rolleston)

Rolleston continues to expand rapidly:

• 151 new listings (+8.6% month-on-month)

• Waimakariri: 67 new listings (+11.7%)

While rental income drives returns, capital growth remains an important part of the overall investment picture — particularly when considering future leverage opportunities.

Encouragingly, Canterbury continues to show steady performance compared to this time last year. While we may not see the rapid growth of previous cycles, consistent and sustainable growth remains a positive outcome.

What Are Investors Doing?

What are other investors doing at the moment? Some are building new homes on land they’ve held for years or recently subdivided. Others are taking advantage of current market conditions by selling older stock and reinvesting into new developments. There are also those buying new builds, while some continue to purchase existing properties.

So, what am I doing? I’m focusing on multi-unit developments on high-density zoned land.

At the end of the day, if the numbers stack up, it’s always worth considering. As a sports coach said to me recently, “You can’t win if you don’t try something.” Wise words — and very applicable in this market.

We’re continuing to see experienced investors take a more strategic, long-term approach in the current market.

As always, we truly appreciate your business. The team and I are always just a phone call away and happy to offer advice, insights, or simply have a chat.