Invercargill vs Christchurch – The Battle of the 4Ps

Invercargill vs Christchurch – The Battle of the 4Ps 

There’s always been Southland-Canterbury rivalry - and it shows up in property too. Invercargill leans into affordability and fresh infrastructure momentum; Christchurch offers scale, depth, and long-run demand. Here are the scorecards.

Invercargill

Price

Invercargill remains one of NZ’s more affordable city markets. QV’s House Price Index shows the city’s average value crossing $500,000 for the first time in early 2025. qv.co.nz+1

Performance

In the January 2025 QV release, Invercargill’s average value was up ~3.8% in the quarter and 7.2% year-on-year - evidence of a market that has recovered momentum into 2025. qv.co.nz

Productivity

Southland’s industrial base has clearer visibility after New Zealand Aluminium Smelters (Tiwai Point) signed conditional 20-year electricity arrangements with Meridian and others - a long-term signal for the regional economy. riotinto.com+1

Digital infrastructure plans add diversification: Datagrid NZ is pursuing a US$2b renewable-powered campus at Makarewa, targeting a first phase by 2028 (consents pending) and T4 Group has acquired land in Invercargill for what it says will be NZ’s first Tier IV facility. southlandchamber.co.nz+2Property Council New Zealand+2

Prospects

The city centre has undergone a major CBD regeneration (“Invercargill Central”), a ~$165m redevelopment spanning almost a full block - now open and award-winning - which strengthens the amenity story for residents and investors. Buchan+1

Christchurch

Price

Christchurch’s median house value was $696,000 in Dec-2024 (CoreLogic, via ChristchurchNZ) - below the national median at that time. This positions the city as comparatively affordable among major centres. christchurchnz.com

Performance

Through late-2024 into 2025, national values were soft/flat overall; Christchurch has been comparatively steady against that backdrop. qv.co.nz+1

Productivity

Post-quake, >$40b in public and private investment reshaped the modern city - including an expanded central city and a rebuilt health/education ecosystem. Waipapa (Christchurch Hospital’s Acute Services Building) is widely cited as NZ’s largest hospital project, anchoring the Te Papa Hauora / Health Precinct with universities and research partners. rbnz.govt.nz

The city also has meaningful logistics/industrial depth - from Rolleston’s iZone (a large, master-planned industrial park) to Christchurch Airport’s Dakota Park - and it serves as a global Antarctic gateway with ~100 direct Antarctica-bound flights per year. An emerging aerospace cluster (e.g., Dawn Aerospace) adds another future-facing layer. christchurchnz.com+3selwyn.govt.nz+3christchurchairport.co.nz

Prospects

The Greater Christchurch Partnership projects ~77,100 additional households by 2051 (~+37%) across Christchurch City, Selwyn and Waimakariri; population is projected to rise from ~537k (2021) to ~706k (2051). That’s a deep, multi-decade demand story. greaterchristchurch.org.nz+1

One-glance 4Ps

• Price
  • Invercargill: average value >$500k (first time, early 2025). qv.co.nz
  • Christchurch: $696k median (Dec-2024), below national median then. christchurchnz.com

• Performance (recent)
  • Invercargill: +3.8% q/q, +7.2% y/y into Jan-2025 (QV HPI). qv.co.nz
  • Christchurch: comparatively steady vs national soft patch. qv.co.nz+1

• Productivity
  • Southland: Tiwai 20-yr power deals; data centre pipeline (Datagrid US$2b, T4 Tier IV land). Data Center Dynamics+3riotinto.com+3Meridian Energy+3

  • Christchurch: >$40b rebuild, Health Precinct + Waipapa, iZone/Dakota Park logistics, Antarctic gateway, aerospace. christchurchnz.com+6rbnz.govt.nz+6cpbcon.com.au+6

•  Prospects

  • Greater Christchurch: ~77k more households by 2051; population ~706k by 2051. greaterchristchurch.org.nz+1
  • Invercargill: CBD upgrade (~$165m) + renewable-energy advantage underpin long-term liveability and business investment. Buchan

Together, Invercargill and Christchurch represent two compelling South Island plays: one leans into affordability and yield with fresh industrial tailwinds, the other offers scale, resilience and structural population growth.