1 Jan 2016

House prices in Central Otago top $800k

7:42 pm on 1 January 2016

Auckland is no longer the only region where the average asking price for homes exceeds $800,000.

It's been joined by Central Otago, according to realestate.co.nz.

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Photo: 123rf.com

The average asking price for homes in Central Otago in December was $824,000 up from the previous record of $782,000 in July 2014, the website said.

Waikato also had a record high asking price last month of $414,000.

Prices in Auckland and Wellington levelled off, but stayed high at $848,000 and $475,000 respectively.

In Canterbury, the average asking price fell slightly to about $450,000.

The national average of $522,000 had fallen from a record high of $568,000 four months ago.

The website's spokeswoman Vanessa Taylor said great houses for sale in Wanaka and Queenstown had an impact on the figures.

"At that time of year we've got a lot of interest in that area, which obviously pushes the price up."

Predictions of further price hikes in Queenstown


Queenstown Photo: 123RF

Queenstown property developer Peter Southwick wasn't surprised about Central Otago's average asking price increase - and predicted it would rise further.

Mr Southwick is also a trustee of the Queenstown Community Housing Trust, which works to deliver affordable housing in the region. The increase was worrying, he said.

There were 300 people on the trust's waiting list, which was hard for those faced with a fast rising property market.

Queenstown was an international destination, and many foreigners were buying property there, he said.