How ŌCHT’s PHO model opens doors to affordable homes in Somerfield
Somerfield is one of Christchurch’s most desirable suburbs, known for its excellent schools and close proximity to the city centre. Its attractive features have long made it an expensive place to live, placing many homes out of reach for average-income families. With private market prices nearing $800,000, many families face significant barriers to buying in this sought-after area.
The cost challenge in a high-demand suburb
A family home in Somerfield typically sells between $700,000 and $760,000, with some properties reaching close to $800,000. The suburb’s desirability keeps competition for listings high, and in a market like this, the private sector struggles to provide affordable options for low-to-median income families.
A different pathway: PHO
ŌCHT’s Secure Home programme is a Progressive Home Ownership (PHO) model designed specifically for low-to-median income families with children who are priced out of the open market. Instead of buying both the house and the land at full market value, households purchase a 100-year leasehold based only on the cost of the building. In Somerfield, that means prices starting from $385,000 for a two-bedroom or $500,000 for a three-bedroom home. The land stays in ŌCHT’s ownership, and residents pay a small ground rent (currently 1.5% of land value per year) that’s indexed to inflation and well below market levels.
With as little as a 10% deposit, and support from Westpac’s low-deposit home loan options, families can move into a brand-new, warm, dry home and start building equity through mortgage repayments instead of paying a landlord. When the time comes to move on, they sell the leasehold back to ŌCHT for the price they paid, adjusted for inflation and approved improvements, ensuring affordability stays in the community for the next household.
ŌCHT is one of the few providers in New Zealand offering Progressive Home Ownership at this scale, making it a unique solution tailored to families priced out of traditional homeownership in desirable suburbs like Somerfield. This innovative model balances affordability with community stability, ensuring long-term benefits for residents and the wider neighbourhood.
Keeping people in the city
Living close to the heart of Christchurch offers more than convenience; it’s about being part of a vibrant, connected community. By maximising available land in Somerfield, ŌCHT helps create affordable options for families who want to enjoy city life without compromising on space or quality. It also reduces commutes from Selwyn and Waimakariri, helping to cut congestion and keep neighbourhoods diverse and vibrant.
Unlike conventional home buying or rental models, ŌCHT’s PHO approach offers a rare chance for low-to-median income families to secure a foothold in Christchurch’s central suburbs. It’s a solution that only ŌCHT provides, making a real difference where affordability meets quality of life.
More than a house - a community anchor
Secure Home offers residents a place to belong within a connected suburb where children walk to school, parents enjoy shorter commutes and cultural connections thrive.
The PHO model creates new opportunities in suburbs where many families previously couldn’t afford to buy. In Somerfield, it lowers the $800k barrier and supports a strong, growing community.
For more information about ŌCHT’s Secure Home programme and how Progressive Home Ownership can help you access affordable homes in Somerfield, visit ŌCHT Secure Home.
