There have been 3766 new residential building consents approved between September 2023 and September 2024, a 6.7 per cent increase on the 3531 dwellings consented for the previous 12-month period.
Multi-unit dwellings like apartments make up about 50 per cent of the consents, with 2539 approved.
Oakridge Homes has bought up land in Halswell and Belfast over the past six months, with about 100 standalone homes planned on the newly acquired sections.
The developer is relatively new to the market, being founded in 2021, but it has grown to become one of the largest offering house-and-land packages in Canterbury.
Director James Parker said the land purchases are about meeting buyer demand and building the three-to-four-bedroom family homes his company specialises in.
“We’re looking to maintain our position so we need to increase our land purchases to meet customer requirements. We’re seeing a pick up in the number of people buying and forecasting that there will be more,” he said.
Oakridge is building about 50 homes in the Milns Green subdivision near Halswell Domain, with the exact number dependent on final plans.
The homes will have an asking price of $800,000 to $850,000.
About 50 homes are also being built on land purchased in the Spring Grove subdivision in Belfast, with an asking price of $750,000 to $800,000.
Parker sees lower interest rates as a key driver for customers’ increased confidence in the housing market.
“There’s been a lot of negative press over the past two years, but now we’ve seen interest rates lower, inflation lower. There’s a lot of people who might have said ‘it’s not the right time for them’ who are now adding to the pent-up demand for homes.”
Developer giant Williams Corporation has been buying more land in the central city and inner suburbs since January, focusing on building townhouses.
“We still see central Christchurch as an undervalued market and an excellent place for first-time buyers and investors because the infrastructure around the city is amazing,” said general manager Kathryn Marshall.
In the central city, there will be 30 townhouses available in Bath St and 24 in Allen St with a price range of $373,000 to $499,000.
In Ferry Rd, 26 townhouses will be built in the central city ranging from $391,000 to $525,000, with four standalone homes being built further out on the road in Waltham. These will range from $439,000 to $479,000.
“We’re seeing a real confidence developing with lower interest rates and the coalition Government saying they will tackle the cost of living,” said Marshall.
Co-founders Matthew Horncastle and Blair Chappell have been selling personal and business assets including a $6 million home in Merivale, luxury cars and a $6 million, 26.5m yacht.
Marshall says the company is refocusing its building efforts in the more lucrative central city.
The asset sell-off has been justified as an attempt to craft a more relatable brand for customers.
Positive market trends extend to the Selwyn District with building consents increasing from a year-on-year 43 per cent decrease in March, to a year-on-year 7 per cent decrease in September.
Builders like Today Homes have been buying sections on a larger scale for the first time in recent years in Lincoln and Rolleston subdivisions.
