The housing and mortgage market in Christchurch experienced significant changes since the 2011 earthquake, especially after the reconstruction of the city. The increasing speed of Christchurch average house price exceed the average house price of the whole country, as well as the number of new dwellings. By this regard, this study surveyed the households in Christchurch to analyze the effect of the earthquake on housing and mortgage market. This includes factors such as housing price, interest rate, government policy and socioeconomic factors in terms of age, gender, educational attainment, income, marital status and family life cycle.
Logistic regression model is used to analyze the data. The study provides an overview of the housing market and mortgage market in Christchurch. The logistic regression, results show changes on sensitivity between the socio-economic factors and house purchase, as well as mortgage borrowing pre- and post-earthquake. The result indicates that the earthquake in Christchurch has affected households’ decision on house purchase and mortgage borrowing.
A video about businesses in the Christchurch central city Red Zone. The Red Zone has now been renamed the Rebuild Zone. The video shows businesses which have remained untouched since the 22 February 2011 earthquake, including the Camelot Hotel and the i-SITE visitor centre in Cathedral Square, Subway on High Street, Jeans West on High Street, Time Zone on Colombo Street, Comics Compulsion on Manchester Street, Mortgage Solutions mortgage brokers on the corner of Hereford and Manchester Streets, Pocha Bar and Restaurant off Lichfield Street, and a fabric store on Lichfield Street.
A new agreement's been reached on how earthquake claims for seriously damaged mortgaged houses in Canterbury will be handled.
The Commerce Commission says Canterbury earthquake victims, struggling with mortgage and credit card repayments, should use consumer legislation to get help.
Georgina Hanafin says EQC has offered her $48,000 to fix her house, which has a repair bill of $260,000. She also has a mortgage of $300,000 for the house she purchased after the Christchurch earthquakes.
A poster created by Empowered Christchurch to advertise their submission to the CERA Draft Transition Recovery Plan on social media.The poster reads, "Submission. CERA Draft Transition Recovery Plan. 5. In your opinion, is there a better way to report on these recovery issues? Looking at the recovery from the perspective of the eastern suburbs, it is impossible to avoid thinking of phenomenon referred to as 'Disaster Capitalism' and considering the aspects that have already become evident in the recovery process. Loss of equity and quality of life, risk transfer and other substantial shifts are taking place. We suggest that a regular mini-census should be conducted through the remainder of the recovery at intervals of 6-12 months to monitor deprivation, insurance cover (or lack of it), mortgage, home equity, and rental status. If unexpected changes identified, investigation and correction measures should be implemented. We need a city that is driven by the people that live in it, and enabled by a bureaucracy that accepts and mitigates risks, rather than transferring them to the most vulnerable residents ."
