The property industry has emerged as Canterbury’s largest sector, contributing $4.5 billion directly to the region’s GDP, according to the 2024 Canterbury Property Industry Impact Report released by Property Council New Zealand.

The sector also accounts for 11.5% of the local workforce, employing 34,860 people.

The report reveals that Canterbury’s property stock is currently valued at $245.5 billion, with $205.9 billion attributed to residential properties and $39.6 billion to commercial properties.

In 2022, the total economic impact of the region’s property industry reached $12.1 billion, factoring in direct, indirect, and induced contributions.

Leonie Freeman, Chief Executive of Property Council New Zealand, said, “The report emphasises the sector’s substantial impact, with property surpassing other major GDP contributors such as manufacturing (10%), agriculture, forestry, and fishing (6%), and health (7%).”

Freeman also highlighted the significance of KiwiSaver investments in property, saying that 2.4 million New Zealanders indirectly invest in property through these schemes, further cementing the sector’s role in everyday life.