Andrew Weastall has spent most of his life in Christchurch. Soon after the city’s rebuild following the earthquakes, he and his wife Nicola Callaghan began investing in residential property. They currently own two homes in the central city – a two-bedroom apartment and a three-bedroom townhouse.
“Christchurch was undervalued and there was so much potential with all the new infrastructure projects,” Andrew said. “I’ve always taken a long-term‑ view of the city, and it felt like the best opportunity I could see anywhere.”
Andrew and Nicola bought their first property with flexibility in mind. “We rent it out now, but I like the idea that we could move into the city in the future.”
ANZ Senior Economist Matthew Galt expects several OCR cuts over the next year, taking the cash rate to about 2.5% – a forecast only, not a guarantee. He said costs such as interest and maintenance have steadied, improving returns for landlords even as council rates increase. The market remains buyer‑tilted, with longer selling times giving investors more leverage.
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Christchurch‑based ANZ Senior Manager Home Loans Tom Gorman agrees it’s now “a buyer’s market” for those with finance in place, with vendors more willing to negotiate. “Investor enquiries have nearly doubled in the past three months,” he said.
For investors looking beyond the main centres, regional New Zealand offers a mix of affordability, stronger yields and long‑term growth potential. “There’s no emotional attachment when you buy in a region you don’t live in. It’s purely about the numbers,” Gorman said.
Christchurch and the wider Canterbury region remain key markets. Infrastructure projects such as the new stadium and sports centre are boosting confidence, while outer suburbs like Hornby, Aranui and Bromley still offer family homes at around $650,000.
“There’s a real buzz returning to Christchurch,” Gorman said, and OneRoof data shows Canterbury values up 1.1% in the past three months.
Strength in Canterbury is mirrored in other parts of the South Island. Invercargill stands out for affordability and 6–8% gross yields on a median price of $555,000. Timaru and Ashburton are also drawing attention. “There’s a lack of supply down there, and good yields on the median house price,” Gorman said.
REINZ’s June 2025 data shows that 10 of 16 regions recorded year-on-year growth. In the South Island, the West Coast surged 35.5% and Southland reached a record median of about $502,500, while Marlborough rose roughly 21% and Nelson/Tasman about 8%.
In the North Island, the Bay of Plenty continued to climb, and midsized centres such as Waikato and Hawke’s Bay also posted steady gains. Northland held steady, with prices around $635,000 and sales volumes slightly up on last year. By contrast, Auckland’s median slipped 3.4% to about $990,000 and Wellington values remain nearly 4% below their peak.
Investor demand is particularly strong in the Bay of Plenty. “We’re seeing around 8 to 9% of buyers being investors right now,” said Mark Leach, General Manager of EVES Bay of Plenty, which has offices throughout the region. “Confidence has grown as interest rates have eased, and people can see the long‑term growth potential here.”
Leach said rental yields in the Bay are typically around 3.5-4%. While these returns are modest, steady capital growth and new developments continue to draw buyers back.
“More experienced investors are trying to get ahead of the market, looking for properties where they’re getting a 7-8% yield. Whereas mum‑and‑dad investors are typically brick‑[MM1] and‑tile buyers - something that’s semi‑new, because that feels like safer option for them.”
Leach said Pāpāmoa and the wider Ōtūmoetai area, which includes Brookfield and Bellevue, are particularly hot. “Papamoa East is seeing phenomenal growth. There’s a new town centre and industrial park coming, which will bring jobs and more demand for housing.”
Gorman and Leach stress the importance of thorough preparation. “Do your due diligence, talk to professionals and don’t overstretch yourself,” Gorman said. Leach added: “Understand who your likely tenant is and make sure you’ve factored in all the costs, from insurance to rates. These things can really eat into your yield if you’re not prepared.”
ANZ offers the service and tools to make the process easier. Mobile Mortgage Managers, of which there are 86 nationwide, meet customers at home or work to help arrange finance. “It can mean faster turnaround and more personalised service,” Gorman said.
ANZ also provides property profile reports, giving buyers insights into sales in their chosen area. Its 10‑year interest‑only repayments option has proved popular with investors looking for cash‑flow flexibility. “Customers like that they don’t have to keep coming back to renew the interest‑only period every few years,” Gorman said.
With more stock on the market and interest rates expected to fall further, Gorman observed that many experienced and first-time investors are paying close attention to regional opportunities at the moment.
Leach believes the Bay of Plenty’s strong fundamentals will continue to attract investors. “It’s close to Auckland and Hamilton, has great schools and a port, and you can reach other centres in about an hour,” he said. “Long term, this area is only going to grow.”
Andrew says he and Nicola have never been in a rush. “For us it’s about making good decisions that work long-term. We’ve always seen property as a steady way to build for the future.”
Whether you’re just starting your property investment journey or you’re a seasoned investor, ANZ could help you reach your property investment goals. Learn more at www.anz.co.nz/personal/home-loans-mortgages/investment-property.
ANZ lending criteria, terms, and fees apply. Minimum 30% deposit may apply to property investment lending. This material is general nature and is for information purposes only. The opinions in it are not financial, investment or tax advice. Please talk to ANZ if you need financial advice about your situation and goals. See ANZ’s financial advice provider disclosure at anz.co.nz/fapdisclosure.
