Canterbury property sector one of the largest in New Zealand
The Canterbury region is the second largest contributor to New Zealand’s property sector, representing nearly one fifth of the sector’s contribution to national GDP. Canterbury’s property industry directly contributed $5.5 billion to regional GDP in 2016 making it the region’s largest economic contributor. Property is also Canterbury’s second largest employer accounting for 12 percent of all employees in the region.
Christchurch City is the single most significant contributor to the sector representing 77 percent of all employees and 69 percent of all commercial property floorspace in the Canterbury region.
Residential property represents a similar proportion of total building stock to the national average, comprising 81 percent of the $74.3 billion held in real estate in Canterbury, against the national average of 80 percent.
Property Council South Island branch president Roger Davidson says that with the sector making such a significant contribution to both regional and national economic development, it is critical that measures are in place to ensure the long-term sustainability of the sector in the region.
“The Canterbury property industry makes a critical contribution to both the regional and national economy.”
“As we begin to move beyond the impact of the earthquakes, those interested in the economic development of the Canterbury region must maintain the momentum through collaboration, long-term planning and sensible decision-making, to ensure those economic contributions continue long-term,” says Mr Davidson.
Canterbury property professionals earn an average of $60,300 per annum in line with the national average of $60,200.
Key research findings
(as at March 2016)
The sector contributed $5.5 billion to the Canterbury economy in the year to March 2016 making up 18% the region’s total GDP, compared to 12% nationally.
The property industry is Canterbury’s second largest employer, employing 12% of the region’s employees, compared to the fourth largest employer nationally.
77% of those employed in the property sector are based in Christchurch City.
Construction services is the dominant sub-sector of the property industry in the region representing 45% of all property industry employment.
Females are slightly less represented in the Canterbury property sector comprising 21% of employees, compared with the national average of 24% female.
The average income in the Canterbury property sector is $60,300 per annum (compared with $60,200 nationally)
The full report can be read here