The smart housing money headed for the lake last year, as Queenstown and Wanaka shot ahead of Auckland as the priciest housing area in the country.
Latest figures out from the Real Estate Institute show that between December 2004 and last month, Queenstown and Wanaka median sale prices rose 40 per cent, followed by Northland (31 per cent) and Taranaki (23.65 per cent).
Migrating Aucklanders might find buying a lake house out of their reach. They would have to pay a quarter more for a house in the Central Otago Lakes region, where properties sold for a median $490,000 last month, compared with Auckland's median of $395,000.
Southland remains the cheapest area, with a $140,000 median.
Last year, the institute created the new Central Otago Lakes to separate Queenstown-Wanaka from its Otago figures.
TOP COST
Central Otago Lakes - $490,000
Auckland - $395,000
* Median house sale prices for 2005
Living near lakes calls for splashing out
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