Property prices double in Central Otago boom
Tuesday 11 May 2004
While expatriates and overseas buyers jockey for a sliver of Queenstown, another property boom is taking place in its shadow.
By The LandlordIn 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.
Read More - Opens in a new window
Commenting is closed
Provincial markets stole the asking price spotlight from the main centres in January, according to the latest Trade Me Property Price Index.
Tightening credit conditions could impact on New Zealand’s booming commercial property market, according to the Property Council’s chief executive.
Heartland has expanded its reverse mortgage business and will now lend against investment properties and second homes, as the product becomes more popular in New Zealand.