Following last month's look at Christchurch's re-emergence, we wanted to go one step further and speak directly with someone working on the ground. This month, we caught up with Jonny Dixon, Head Advisor at Dixon Mortgages, who specialises in investment lending, property development, commercial development, and short-term non-bank lending.
Jonny also invests in property himself, with a couple of development projects underway in Christchurch and a commercial industrial development about to start in Hornby.
Can you tell us a little about your role and the types of clients you're working with at the moment?
I'm Head Advisor at Dixon Mortgages, primarily focused on investment lending, property development, commercial development and short-term non-bank lending. I'm also on the other side of the table as a developer and long-term property investor, with a couple of development projects on the go.
What are you seeing in terms of borrower activity in Christchurch at the moment?
Canterbury recorded 1,120 sales in February 2026, up almost 4% year-on-year, with median days on market for the Canterbury region around 52. By April, days to sell had tightened to around 40 days, with sales volumes improving compared to earlier in the year. Christchurch city stayed consistent around the 37 to 38 days. Finance confidence has generally improved as interest rates feel more stable, with buyers more decisive and less 'wait and see' than six months prior. That said, with the recent OCR increase, talk of further rises, and it being an election year, some investors are holding off – while good, solid projects are still going ahead as confidence in the Christchurch market increases.
What particular areas are you seeing the most development activity?
Multi-unit development in Christchurch is still very strong, with a lot of activity in the CBD and inner-city fringe suburbs such as St Albans and Merivale. We're also seeing strong demand in the areas surrounding the University of Canterbury.
Are any areas softer than expected?
The east side of Christchurch had strong development for a couple of years, but this has pulled back as multi-unit builds have become cheaper for purchasers, giving them more choice.
What's happening in the construction and development market right now?
Late last year, the council increased development contributions quite drastically for new builds, which triggered an influx of consent applications from builders and developers trying to lock in the old rates before the deadline. We're now starting to see a lot of those builds happening, so there's quite a lot of supply in the multi-unit space. But I believe a lot of newer developers will pull back from multi-unit development due to increased costs, while experienced developers will continue – bringing supply and demand a lot closer together.
How would you describe buyer and borrower confidence in Christchurch and Canterbury right now compared to 12 months ago?
Confidence is noticeably stronger than 12 months ago. This time last year, there was a lot of hesitation, with buyers and developers waiting to see where rates would settle. Now we're seeing more decisive action, particularly from experienced investors and developers who have weathered a few cycles and know how to read the market. The recent OCR movement and election-year noise have introduced some short-term caution, especially among first-time investors, but it hasn't stopped good projects moving forward – it's just sharpened the focus on quality deals over speculative ones.
In what situations are borrowers looking beyond the banks at the moment?
We're seeing borrowers turn to non-bank lenders in a few consistent scenarios:
Construction and development funding where the bank's serviceability model doesn't quite fit the timeline or structure of the project
Bridging finance while an asset is being repositioned, refinanced or sold down
Situations that need speed and flexibility a standard bank credit process can't offer, particularly around settlement deadlines or time-sensitive opportunities.
Banks are still the best fit for straightforward, well-serviced lending. But as soon as a deal has some complexity – multiple entities, a development component, or timing pressure – that's where lenders like SCP become valuable. We're using non-bank options more often for the early-stage or higher-risk parts of a project, then looking to refinance back to a bank once it's de-risked.
For SCP investors reading this, what should they understand about what's happening on the ground in Canterbury?
Canterbury is one of the more resilient regions in the country right now – population growth, ongoing infrastructure investment, and a construction sector that's held up better than most of New Zealand. The development contributions rush and resulting supply in the multi-unit space means there will be some short-term noise, but the underlying fundamentals are solid.
For investors funding this space, the key thing to understand is that the experienced developers – the ones still active – are the ones who know how to navigate rising costs and tighter margins, which actually makes for a more disciplined, better-quality pipeline of deals than we've seen in previous cycles.
What's your outlook for the Canterbury market over the next 6–12 months?
I'm cautiously optimistic. I expect multi-unit supply to correct as newer, less experienced developers pull back from the space, bringing supply and demand back into better balance over the next 6–12 months. Construction and land costs will likely keep rising as section stock tightens, which will support pricing for those who can hold and deliver. On the lending side, I expect continued strong demand for non-bank and bridging finance as developers manage the gap between rising costs and bank serviceability constraints.
Overall, Canterbury's fundamentals – population growth, infrastructure investment, and relative affordability – give me confidence the region will continue to outperform over the next year.