Real estate in the Central Otago Lakes region posted the largest percentage gain of anywhere in the country for April, up 18.2 % on last year, but remains otherwise eclipsed in median prices with Auckland's 18% gain to $720,000.
Central Otago Lakes, combining data from Queenstown and more than 30 other towns and locations around Otago, showed a median price of $532,000; with Queenstown's median at $670,000 and Central's at $403,000.
Auckland's rampant prices distorted the April national median price by 22%.
Including Auckland, the national median price increased 5.3% to $455,000 from a year ago, but excluding Auckland, the national price gained just 0.9%, to $353,000.
Nationally, the total value of residential and section sales was up 37% on April last year, from $3.093 billion to $4.238 billion; with the number of million-dollar-plus home sales up 80%, from 431 a year ago to 779, Real Estate Institute of New Zealand data revealed yesterday.
The number of homes sold during April were up 27.6% on a year ago, at 7234.
REINZ regional director Liz Nidd, of Dunedin, said the separate Otago region also saw median price gains, up 7.7% ($18,000) on a year ago to $260,000, with Dunedin booking a $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 in a statement.
While there was a 35% rise in sales numbers to 263 for April, Mrs Nidd noted that was up from 136 a year ago, which was considered a ''poor month''.
REINZ chief executive Colleen Milne said Auckland continued to dominate the market in terms of price movements, but some of the regions were showing improvements in sales number and price increases.
She noted Northland, Hawkes Bay and Central Otago Lakes, which represent 7.5% of national sales, saw solid gains in both price and sales volumes, while Otago and Taranaki were seeing more price growth.
The national median price was down $20,000 from March, but against April last year was up $22,750 to $455,000, she said.
Mrs Milne said strong Auckland price movements, particularly on the North Shore and in Rodney, continued to be driven by high demand and by the lack of sufficient new supply of both new builds and listings of existing properties.
What's where
Central Otago Lakes
Albert Town, Alexandra, Bannockburn, Bridge Hill, Cambrian, Cardrona, Chatto Creek, Clyde, Coal Creek Flat, Cornish Point, Cromwell, Ettrick, Glendhu, Hawea, Ida Valley, Lake Hawea, Lauder, Letts Gully, Little Valley, Lowburn, Luggate, Makarora, Mt Barker, Mt Pisa, Naseby, Nevis, Omakau, Ophir, Oturehua, Paerau, Patearoa, Ranfurly, Roxburgh, Roxburgh East, Waikerikeri, Waipiata and Wanaka.
Otago
Dunedin, North Otago, South Otago.
Queenstown
Queenstown and its suburbs.
Source: REINZ
