The second is zoning authority – the power to designate areas as residential-only and restrict short-stay accommodation in those zones. This approach has been used in cities overseas, he says, and has restored vitality to inner-city precincts.
‘As a council, we can actually say, “this area is for residents. We are not going to have any short stay accommodation in this area,”‘ he said. ‘It brings vibrancy back to the inner city.’
Jardine says the window for action has not closed. Christchurch still has land available for medium-density family housing. Existing smaller apartments could house students and single-person households if incentives were realigned.
‘We can have this amazing, thriving inner city if we just change the incentives,’ he said. ‘We still have a real chance to make this city work if we do something about it now.’
For advisers with clients holding or considering inner-city Christchurch stock, the policy landscape could shift quickly. Central government action on bed taxes or zoning reform would change that picture. Keeping across how Christchurch’s broader property market is performing will be essential as that debate develops.