Otago is sharing the limelight with the Central Otago Lakes district, as the areas chalk up some of the largest percentage gains in house prices around New Zealand.
Nationally, the number of houses sold in February was up 12.6% to 6898, the highest February total since the height of the last property boom in 2007, data from the Real Estate Institute of New Zealand (REINZ) showed yesterday.
Combined national house and section sales for February rose from $3.17 billion a year ago to $3.80 billion last month.
The number of homes nationally which sold for more than $1 million continued to grow. Such sales for February were up from 415 a year ago to 577.
The national median price for February gained $15,000, or 3.6%, to $430,000, compared with a year ago.
REINZ regional director for Otago Liz Nidd said that around the province, first-home buyers were becoming more active.
Open home attendance was good and there were an increasing number of multiple offers on properties.
''Vendor expectations are rising, although the supply of listings remains tight,'' Mrs Nidd said.
Comparing February 2015 with February last year, Auckland recorded the largest percentage increase in median price, up 14% to $675,000, followed by Central Otago Lakes up 12.0% at $489,250 and Otago up 6.8% to $267,500.
Within the Central Otago lakes region, Queenstown had a 9.8% decline, from $630,000 a year ago to $568,250 in February this year.
Comparing February's prices to January's, Otago recorded the largest percentage increase in median price, up 7%, followed by Manawatu at 5.5% and Nelson/Marlborough at 3.4%.
REINZ chief executive Colleen Milne said of the Central Otago Lakes region, sales numbers fell 7% overall, were down 26% for Central but up 30% in Queenstown.
''Investors are coming back into the market after a considerable period of absence,'' she said.
She described vendor expectations as ''reasonable'', but listing supply remained ''tight''.
Compared with a year ago, the Central Otago Lakes median price rose 12%, or $52,259, to $489,250. Queenstown was down 10% and Central up 10%.
Around the country, Otago also recorded the shortest median number of days to sell in February, declining by 11 days to 31, followed by Auckland at 32 days and Canterbury/Westland at 36.
