In the wake of 11,000 aftershocks, of which 53 have been greater than 5 on the Richter scale, $83million a week was being spent rebuilding the city, Mr Townsend said. The total cost was estimated at between $40billion and $50billion.
"There is nowhere in the world where around $30billion of insurance proceeds have been applied to the rebuild of a city of 400,000 people," Mr Townsend said in statement.
"As the rebuild takes effect, Christchurch had a golden opportunity to become New Zealand’s No1 city of choice," he said.
He went so far as to recommend Christchurch as "a safe bolt-hole for people to live and bring up their kids", given the effects of Brexit, the Trump Administration and "lone-wolf terrorism".
He expected by the end of the year, 75% of the housing stock would have been repaired and rebuilt, as would 70% of the commercial buildings.
Compelling points for Christchurch to become a city of choice included 1100 commercial buildings being replaced by 400; the city having as much hotel accommodation as before the earthquakes; becoming the safest city in New Zealand; and replacement of older housing stock to higher standards.
The Government had injected about $8.5billion into land, infrastructure and amenities, and no other city was better equipped for primary, secondary and tertiary education.
He also said Canterbury was regarded as having one of the top six health systems in the world.He believed Christchurch was becoming the most accessible city in the country as its traffic infrastructure now included the southern motorway, northern arterial route and the west diversion.
Mr Townsend also highlighted the recently announced rebuild in the next 10 years of the Christchurch Cathedral, which would be a tourist attraction.
