Property boom sees prices soar in Otago

Thursday 18 November 2004

The average value of houses in Alexandra has soared from $129,000 in 2001 to $271,000, according to the latest valuations presented to the Central Otago District Council yesterday.

By The Landlord

The average residential land value has increased 271 per cent from $27,900 in 2001 to $103,500 this year.

Cromwell figures show similar growth, with the average house value increasing from $131,000 to $270,000. Residential land has increased from $31,900 to $134,000.

Malcolm Moore, a valuer for 27 years, said he had never seen anything like the growth in Central Otago.

"It's the biggest and longest growth spurt I've ever seen.

"You can see the smiles on everyone's faces. Everyone likes to have their house worth more." The buoyant property market was not just confined to places such as Queenstown and Wanaka but was spreading to include Roxburgh, Ranfurly and Omakau, Mr Moore said.

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