Christchurch’s manufacturing and service industries are providing solid fundamentals to the city as the construction boom eases. While there continues to be some concern evident in confidence surveys, the underlying drivers of growth, which are population growth, tourism and elevated employment continue to support higher levels of economic and consumer activities. Ongoing pressure to find skilled labour will continue to be a struggle for the economy as it looks to transition away from a rebuild.
- Transaction volumes remain elevated. $198 million of property sold in the city over the last six months of 2017, comprising transactions over $5 million.
- Consenting volumes continue to decline, further cementing that the commercial rebuild market is winding down.
- Vacancy has declined since 2016, even with additional development in the CBD office market.