Queenstown real estate outstrips Auckland prices

Queenstown and Wanaka have ousted Auckland as the places with New Zealand's costliest real estate.

The median house price in the Central Otago Lakes region was $395,000 last month, squeezing out Auckland, with a median price of $366,500, say Real Estate Institute figures released yesterday.

House price inflation is showing few signs of coming off the boil - the national median price rose 3.3 per cent last month.

In the year to June, it was up 17.1 per cent to a record $284,500. But sales last month fell to 8025 from 9280 in May and from 8367 in June last year.

The pricing picture was not uniform across the country.

Five of the 12 regions posted price falls last month. Auckland's median price fell 1 per cent to $366,500 and Northland prices fell 2.7 per cent to $244,750.

Wellington prices rose 5 per cent to $300,000. Hawkes Bay fell from $249,500 to $236,500 and Manawatu/Wanganui rose from $160,000 in May to $166,250.

Over the year, the Nelson/Marlborough district was the only one not to record significant price rises.

In annual percentage growth, Taranaki continues to lead, with a 40 per cent increase on June last year, followed by Manawatu/Wanganui, up 33 per cent, Northland up 32.3 per cent, and Waikato/Bay of Plenty/Gisborne up 28.2 per cent.

Auckland prices rose by 13.14 per cent and Wellington by 14.3 per cent.

- NZPA