The report revealed that Canterbury’s property industry directly contributed $5.5 billion to regional GDP in 2016. Property is also Canterbury’s second largest employer accounting for 12% of all employees in the region.
Christchurch City was the single most significant contributor to the sector representing 77% of all employees and 69% of all commercial property floor space in the region.
Residential property represents a similar proportion of total building stock to the national average, comprising 81% of the $74.3 billion held in real estate in Canterbury, against the national average of 80%, the report showed.
Property Council South Island branch president Roger Davidson said it is critical that measures are in place to ensure the long-term sustainability of the property sector in the region.
“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,” Davidson said.
Canterbury property professionals earn an average of $60,300 per annum in line with the national average of $60,200.
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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, according to the latest report from the Property Council of New Zealand.