House asking prices surge

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Houses in the Central Otago-Lakes have surged both in price expectations and listings. 

Across the country, house asking prices have hit a record average of $497,840.

Central Otago Lakes’ 12 per cent rise in asking prices from October to November pushed its average asking price to $747,781 – the country’s highest, according to Realestate.co.nz marketing manager Paul McKenzie.

”The new all-time high in the [national] average asking price reflects the confidence of vendors across the country, rather than one particular region,” Mr McKenzie says. 

Nationally, asking prices are up 1.9 per cent.

QV data for national average prices show the Queenstown Lakes region rose 3.7 per cent to $692,271, on a year ago. 

QV national spokeswoman Andrea Rush said winter sales around Queenstown Lakes were ”very slow” and a lack of stock was becoming a market feature, prompting a lift in values.

”There is also a notable shortage of affordable property under $600,000 on the market. This is likely to continue the upward pressure on pricing as purchasers compete for properties,” she said.

Demand for properties above $1.2 million was slow, apart from at Millbrook Resort.

The national price lifted 5.1 per cent, while Dunedin’s up 0.9 per cent at $291,598 and Southland rose 0.3 per cent to $206,194. 

That compares to Auckland’s 9.1 per cent rise to $748,955 (and 3.1% for the quarter).

Residential property values in the Queenstown Lakes district were 8.4 per cent higher than a year ago. Otago’s asking price was down 1.5 per cent at $289,584, Southland’s rose 1.1 per cent to $250,181 and Canterbury was down 0.2 per cent at $454,305, according to Realestate.co.nz data. Auckland was up 4.6 per cent, at $731,588.

Mr McKenzie says: ”The asking price of homes for sale rose in nine out of 19 regions across the country, with no one single region reaching an all-time high in its own right.”

Realestate.co.nz, the Real Estate Institute of New Zealand’s website, said the number of new listings in November was higher than in the same period last year.

Canterbury had seen a jump of 16.8 per cent on November last year, with 1829 new listings, while Southland saw a 19.7 per cent gain, to 328, Central Otago Lakes was up 13.6 per cent at 334 and Otago was down 6.3 per cent with 448 listings. 

Otago Daily Times