The latest property price data from the Real Estate Institute of New Zealand (REINZ) shows that the scenic Central Otago Lakes region in the south of the country experienced the largest percentage gain of anywhere in the country for April, up 18.2 % on last year.
Central Otago Lakes, which combines data from Queenstown and more than 30 other towns and locations around Otago, showed a median price of NZ$532,000; with Queenstown’s median at NZ$670,000 and Central’s at NZ$403,000.
The number of homes sold during April rose 27.6% year-on-year to 7,234. REINZ regional director Liz Nidd, based in Dunedin, said the separate Otago region also saw median price gains, up 7.7% (NZ$18,000) on a year ago to NZ$260,000, with Dunedin showing a NZ$288,500 median price, up 11.5% on the year.
“Activity in the market is brisk with many multiple-offer situations occurring, even on a property that has been listed for a while,” she said.