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Central Otago-Queenstown Lakes Becomes First Million-Dollar District

The Central Otago-Queenstown Lakes district has outstripped Auckland as the most expensive region in terms of asking prices, new figures show.

12 October 2021

Realestate.co.nz released its data for last month, showing Central Otago-Queenstown Lakes tipped over the $1 million milestone, with the average asking price sitting at NZ$1,019,094.

Spokeswoman Vanessa Taylor says: “This is the first region to ever reach the $1 million asking price milestone in the 11 years of data collection history on realestate.co.nz.”

Whether the trend continues remains to be seen, she says in a press release.

“It’s a smaller market and if there are a significant number of top-end properties coming onto the market at the same time, it can impact the average asking prices.”

Asking prices up, number of houses down

Meanwhile, homes in nearly two-thirds of the 19 regions in New Zealand hit record-high average asking prices in August, the figures show.

But half the regions also registered all-time lows in the number of houses listed for sale.

Of the 8,739 new property listings across the country during August, almost half (4,343) were in either Auckland or Canterbury.

Ten other regions also recorded record highs in asking prices last month.

In the North Island:

· Northland registered a 1.8 per cent increase in asking price to NZ$635,112.

· Central North Island was up 4.5 per cent to NZ$488,420.

· Hawke’s Bay was up 3.7 per cent to NZ$521,138.

· Manawatu-Wanganui went up 3.7 per cent to NZ$370,597.

· Wairarapa was up 6.6 per cent to NZ$520,127.

· Wellington was up 1.7 per cent to NZ$639,553.

In the South Island:

· Nelson and Bays asking prices increased 4.4 per cent to NZ$650,293.

· Marlborough was up 4.6 per cent to NZ$520,852.

· Canterbury was up 1.6 per cent to NZ$507,992.

· Otago was up 6.6 per cent to NZ$401,499.

But some housing stock levels are down

Nine North Island regions registered all-time lows in housing stock levels:

· Coromandel registered a 9.2 per cent decrease to 433 listings.

· Central North Island down 18.6 per cent to 336 listings.

· Taranaki fell by 8.1 per cent to 533 listings.

· Manawatu-Wanganui saw a 28.2 per cent decrease to 649 total listings.

· Wairarapa dropped 7.6 per cent to 204 listings.

In the South Island:

· Marlborough registered a drop of 4.0 per cent to 245 listings.

· West Coast decreased to 16.1 per cent to 482 listings.

· Otago fell by 17.9 per cent to 430 listings.

· Southland fell by 23.6 per cent, with 403 listings.

First published 4 September, 2018

JUNO does not contain financial advice as defined by the Financial Advisers Act 2008. Consult a suitably qualified financial adviser before making investment decisions. This story reflects the views of the contributor only. Content comes from sources that JUNO considers accurate, but we do not guarantee that the content is accurate.

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