This contrasts with a period of below-average growth from 2015 to 2020, which was possibly due to earthquake-related demolition work and a lack of tourism infrastructure during that time. With visitor numbers on the rise and facilities now in place, the region has the potential for sustained job growth, particularly given the inflow of people into Christchurch‘s neighbouring areas, thanks to affordable housing and Canterbury property financing sources.
The city is currently hosting a notable number of national conferences, benefiting the hospitality sector. While the post-quake years saw the unemployment rate significantly below the national average due to people leaving the city initially and robust building activity, the gap has narrowed, but the region’s unemployment rate could still trend below average. In the housing sector, the strong labour market is expected to support current property prices and contribute to price increases as the upward phase of the cycle begins.
Source data by Tony Alexander and First Mortgage Trust.
With the improvements in employment, there is likely to be a knock-on effect in housing demand. That will have a further impact on property finance in Canterbury and the West Coast. For information about Canterbury property financing, click the link.