Property

Property prices double in Central Otago boom

While expatriates and overseas buyers jockey for a sliver of Queenstown, another property boom is taking place in its shadow.

Tuesday, May 11th 2004

In the gentle hills of Central Otago, finding accommodation can be as difficult as finding gold.

Areas better acquainted with the ups and downs of farming are now experiencing unheard-of house prices and record building activity.

Quiet farming towns like Omakau and Ranfurly have seen their land values double, as holiday makers, tradespeople and first-time buyers all queue up for a piece of "central".

Is Central Otago going through a renaissance? "Definitely," says Alexandra real estate agent Dick Anderson, of Harcourts.

"In 2025 Wanaka is expected to be as large as Dunedin if it continues its current growth pattern."

Much of the growth has spilled out of the land grab in Queenstown and Wanaka. Accommodation is so dear there that tradespeople associated with the construction work – and holiday makers wanting cheaper cribs – have been forced to look elsewhere.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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