New CoreLogic data shows Scarborough’s median property value is the highest at $1,161,300, followed by Kennedys Bush ($1,132,300) and Fendalton ($1,130,150).
These are the only million dollar suburbs in Christchurch and Banks Peninsula.
However, Scarborough and Fendalton are two of the few areas where median property values have decreased in the last year.
Values in Scarborough have dropped by $24,400, while those in Fendalton decreased by $29,750, $8700 in Northwood and $2850 in Richmond Hill.
All other suburbs saw increases, with the largest occurring in Hoon Hay ($27,700) and Wigram ($28,250).
The most affordable place to buy in Christchurch is Phillipstown, where the median property value is $303,550.
Aranui and Linwood are close behind with values of $314,500 and $332,600 respectively.
Values in these three suburbs have increased by between about $10,000 and $17,000 in the last year.
Merivale sits fourth on the list with a median property value of $998,000, a $3400 increase compared to last year.
Richmond Hill rounds out the top five at $911,650.
Ray White South Island regional manager Jane Meyer said the suburbs with the highest median property values have always been popular due to their locations and the number of character homes in them.
However, she said the reason why property values have dropped in some more expensive suburbs like Scarborough and Fendalton is properties in these areas are out of the price range of many first home buyers.
Properties in less expensive areas are in hot demand at the moment and this is why most property values have increased. Low-interest rates are also responsible for this increase in demand.
“It is very much a market-driven by first home buyers and investors right now.
“In our auction rooms, you just see the need, the determination and the pressure for buyers to buy and that’s what’s probably determining price.
“We’re out-selling what we’re actually listing,” she said.
Christchurch and Banks Peninsula median property values by suburb 2020:
Scarborough — $1,161,300
Kennedys Bush — $1,132,300
Fendalton — $1,130,150
Merivale— $998,000
Richmond Hill — $911,650
Strowan — $862,950
Clifton — $856,700
Redcliffs — $790,650
Westmorland — $766,400
Huntsbury — $766,250
Cass Bay — $757,900
Cashmere — $753,050
Sumner — $741,550
Mt Pleasant — $739,700
Northwood — $702,850
Governors Bay — $697,400
Marshland — $677,500
Harewood — $670,400
Ilam — $659,300
Cracroft — $653,400
Waimairi Beach — $650,300
Charteris Bay — $639,150
Wigram — $624,750
Burnside — $606,700
St Albans — $595,550
Halswell — $575,750
Beckenham — $570,750
Avonhead — $565,750
Yaldhurst — $561,650
Casebrook — $554,800
Hillsborough — $547,950
Opawa — $541,750
Bryndwr — $540,700
Heathcote Valley — $527,150
Lyttelton — $524,800
Riccarton — $521,400
Middleton — $516,000
Papanui — $514,700
Parklands — $518,400
St Martins — $506,100
Somerfield — $505,200
Christchurch Central — $498,700
Broomfield — $498,950
Russley — $495,550
Upper Riccarton — $490,950
Hillmorton — $483,600
Bishopdale — $471,400
Redwood — $471,000
Burwood — $460,800
Hoon Hay — $459,700
Shirley — $455,200
Hornby — $450,650
Belfast — $446,500
Mairehau — $436,200
Spreydon — $436,900
Hei Hei — $417,450
Dallington — 413,500
South New Brighton — $395,850
Sydenham — $383,700
North New Brighton— $382,450
Woolston — $376,900
Richmond — $372,900
Addington — $371,300
Avonside — $369,700
New Brighton — $365,050
Waltham — $343,800
Bromley — $348,600
Linwood — $332,600
Aranui — $314,500
Phillipstown — $303,550
