Living in the City: Cameron Bailey
The big projects coming thick and fast to the central city are transforming life in Christchurch, what does it mean for property?
As construction comes to a close on the One New Zealand Stadium at Te Kaha, the spotlight is once again turning to the future of the central city and what it could mean for property values and purchasing trends. Alongside a wave of major developments, the stadium is expected to play a key role in reshaping how people live, invest, and spend time in the CBD
of Christchurch.
But while the long-term vision is ambitious, the short-term impact on the housing market is less clear. Are buyers already responding? Is demand shifting? And where are the opportunities emerging, if any?
To get a ground-level view, we spoke with local real estate agent Cameron Bailey, who works closely with buyers and investors in the central city. He shares what he’s seeing right now, how sentiment is evolving, and why timing – and property selection – may be more important than ever.
Q&A:
Q. Have you seen any impact on property values within the four avenues from big projects like Parakiore and the new stadium?
A. I have not seen any increase in values as yet, but there has been an increase in positive sentiment with regard to the CBD and certainly in the years to come, as in all big cities, the CBD is a great place to invest.
Q. What kind of impact are you anticipating?
A. I think currently we are in the bottom cycle of the market and there are a lot of things happening in the world, but the trend in the next few years, once the Middle East settles down, should be that prices increase. One thing we do know is that after an event or slow down in the market we usually get pent up frustration and some sort of ‘boom’ after everything settles down and gets back to normal.
Q. Has there has been an impact in another way? For example, the style of property being sought?
A. There has been a lot more Airbnb-style properties sold as people anticipate an increase in demand as all our amenities in the city come to life.
Q. Have these projects had any noticeable impact in the wider city?
A. Yes, I think there is a positive and exciting feeling about Christchurch and Canterbury at the moment. Christchurch has not seen property values drop to the same extent that Auckland and Wellington have.
Q. Any guidance for people looking to invest in property in the city?
A. I would be trying to buy something a little bit more unique within the CBD. Being part of a big block of units will probably affect the degree of capital gain and rental return, and moving forward, properties with garaging will be increasingly more attractive.
Q. Any other thoughts?
A. In general, this is an exciting time to buy property in Christchurch and not just in the CBD but in the whole of the city. Christchurch is ripe for capital gain, where the current property cycle is and also with all our big projects nearing completion. It could mean demand outweighs supply in the not-too-distant future.
Images: Inner city living is evolving fast.
