PHOTO: CHRIS SKELTON/STUFF Hagley Mews complex on the corner of Ayr St and Deans Ave is selling homes for more than $2 million.
North Island investors are turning their backs on higher prices in their home cities to snap up central Christchurch apartments.
The city has had a noticeable upswing in out-of-towners buying apartments and townhouses in the past few months.
“When average prices are $500,000 in Christchurch and $1 million in Auckland, you can certainly see the appeal,” said Kelvin Davidson, senior economist for property analysis firm CoreLogic.
Davidson said the trend had been triggered by the Government dropping plans for a capital gains tax earlier this year.
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