Rural land has made the biggest gain in the latest Central
Otago revaluation, with dairy properties increasing in value
by up to 40%.
Residential property values remained relatively flat in parts
of Otago last year, any increases well below the national
New Zealand has one the world's most over-valued housing
markets, according to the Economist.
From the outside, the jobs of golf professional at the home
of the Ryder Cup and property manager in Dunedin might not
appear to have much in common.
There were 80 property sales totalling more than $53 million
in Queenstown last month, making it the strongest month for
the resort in five years.
Despite the worst of the economic recession being over for
two years, mortgagee sales are trending higher again,
particularly in provincial and rural areas.
Demand for Queenstown properties worth more than $1 million
increased in April.
Confidence in the Wakatipu's real estate sector as a
lifestyle and holiday home destination will be tested when
Bayleys Queenstown auctions 20 homes, apartments and bare
section plots in "The Big Call" on May 3.
A two-bedroom cottage on a 637sq m section, a stone's throw
from Lake Wanaka, sold for $1.1 million at auction at the
weekend, well above its rateable value of $880,000.
Strong sales volume growth is continuing in the rural
property sector, figures released by the Real Estate
Institute of New Zealand show.
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