Lakes property prices soar


The average asking price for a Central Otago-Queenstown Lakes district home went above $800,000 last month, setting a record, data from a property website says.

Auckland is the only other region in the country where average asking prices for homes exceed that figure, spokeswoman Vanessa Taylor says.

“In Central Otago, the average asking price in December broke the $800,000 mark for the first time, setting a new record of $824,394.”

The previous record was $782,684, set in July 2014.

Central Otago and Waikato, where a record high asking price ($414,596) was also set last month, are the only districts bucking the national trend, she says.

The national average asking price is $522,930, continuing a downward trend from the record high set in August last year.

The average asking price in Auckland last month was $848,195, slightly below the record set in September of $851,531.

New listings throughout the country last month totalled 8011, down by 3.3 per cent on the same month last year, Taylor says.

Last month, the Otago Daily Times reported the volume of house sales in the Central Otago Lakes region in November increased by 43 per cent but prices fell almost 10 per cent, based on data released by REINZ.

Housing affordability for first-home buyers in the Central Otago Lakes district had worsened, the ODT also reported last month.

Of the 12 regions monitored by the Home Loan Affordability report, affordability improved in six regions: Northland, Manawatu-Wanganui, Wellington, Nelson-Marlborough, Otago and Southland.

Affordability worsened in Auckland, Waikato-Bay of Plenty, Hawkes Bay, Taranaki, Canterbury-Westland and Central Otago-Lakes.

The report tracks how much of their weekly after-tax pay a typical working couple aged 24-29 have to set aside to meet the mortgage payments on homes bought at the REINZ’s lower quartile selling price in each region.

A feature of the market over the past year has been falling mortgage interest rates.

Auckland remains the only region in the country where housing remains seriously unaffordable for first-home buyers, says.

After Auckland, the next most expensive region for first-home buyers in November is Central Otago-Lakes.

Otago Daily Times