The national median house price has hit a record high of $407,525, with the Central Otago lakes region recording the largest increase, up 19.5% to $485,673.
While the Reserve Bank's contentious loan-to-value ratio (LVR), capping the number of low-deposit mortgages offered by banks, was introduced on October 1, industry analysts are at odds whether it is yet affecting house sales and prices.
The Real Estate Institute of New Zealand reported a 2.1% gain in October national house sales compared with a year ago, to 6778, and the national median price increased $7525 from September to a record high of $407,525.
That was 7% up on October 2012's $380,000.
In Otago in October, house prices and numbers increased from a median $240,000 and 357 sales to $250,000 and 302 sales.
In the separate Central Otago lakes region, sales were fairly static, rising from 105 to 110, but the price rose 19.5% from $406,500 to $485,673.
Queenstown, as part of the Central Otago lakes area, accounted for about 50% of sales. Its median price was up 11%, or $58,000, from $517,000 last October to $575,000.
REINZ chief executive Helen O'Sullivan said sales volumes eased, on a seasonally adjusted basis, in October following the introduction of the LVR.
However, economists at the ASB and Westpac cannot yet pick definitive evidence of a decline.
ASB economist Daniel Smith said the REINZ October data suggested the LVR had had little immediate impact on sales volumes or house prices at this early stage.
''The full impact of the restrictions is not likely to have been felt yet,'' he said.
''There were probably many high-LVR pre-approvals still active in October and some of the October sales may represent activity begun in the previous month.''
Westpac economist Dominick Stephens said while the housing market had been ''roaring ahead for most of 2013'', it was too early to say whether the LVR was having an impact.
Ms O'Sullivan said comments by agents from around the country indicated heightened levels of uncertainty for both buyers and vendors about the impact of the LVR changes, causing a number of prospective buyers and sellers to hold off from committing to the market until they were more comfortable.
