The median price increased by $48,000, reversing a similar sized fall in prices in May, figures released by the Real Estate Institute of New Zealand (REINZ) showed.
There were 95 houses sold in Central Otago and the Queenstown Lakes district during the month, for a median price of $465,000. Sales volumes increased by almost 12% compared with June last year.
The median price nationally in June rose slightly to a record high level of $372,000, which compared with $369,000 in May and $360,000 in June 2011.
Keen buyer interest in Auckland and Christchurch, which together made up about half of national activity, drove the market higher, REINZ chief executive Helen O'Sullivan said.
The overall pattern for the rest of New Zealand showed improvement in sales volumes, with prices on the whole steady rather than up.
There were 6135 unconditional sales in June, an increase of 906 sales (up 17.3%) on the corresponding month last year, but a decline of 14.5% compared with May.
In Otago, the median price across the region increased by $3000 (up 1.3%) in June compared with May, although prices eased slightly in Dunedin. There were 225 properties sold for a median price of $232,000.
The results reflected an increasing shortage of lower-priced homes attractive to first-home buyers, in line with trends noted in other parts of the country, Ms O'Sullivan said.
Values in Dunedin had been variable during the past few months but were now 2.8% above the corresponding time last year and 4.3% below the 2007 peak, the latest information from Quotable Value showed.
The winter slowdown had started. There were few inquiries coming in and agents were reporting a lack of good listings, QV valuer Tim Gibson said.
Properties that were not well-presented were tending to "hang around". Typically, lower-value properties were the only ones performing well in the market, he said.
Westpac chief economist Dominick Stephens said the reason for Christchurch's shortage was obvious - earthquake damage - while population growth combined with low building activity was the cause in Auckland.
During the three years to June 2011, for every new dwelling in the city of Auckland, the population increased by seven new residents.
| Residential sales | ||||
| Median Price June 2012 | Median Price June 2011 | No. Sold June 2012 | No. Sold June 2011 | |
| Central Otago | $419, 150 | $343, 500 | 53 | 50 |
| Queenstown | $500, 000 | $535, 000 | 42 | 35 |
| North Otago | $190, 000 | $176, 000 | 33 | 22 |
| East Otago | $209, 000 | $216, 000 | 4 | 4 |
| Dunedin City | $249, 500 | $235, 000 | 174 | 171 |
| South Otago | $176, 000 | $180, 000 | 14 | 21 |
| Gore | $196, 500 | $157, 500 | 18 | 18 |
| Invercargill | $186, 250 | $185,000 | 104 | 101 |
