According to figures from the Real Estate Institute of New Zealand the median house price in Otago is up by 19.9% on a year ago — bringing it to $551,000.
A total of 386 properties were sold in February, up 51.4% on January’s 243 sales.
The region was also given a new high in REINZ’s house price index with a score of 3285, meaning house prices have increased by more than 200% since 2003.
Nationwide house prices hit a record, up $80,000 within a year.
REINZ chief executive Bindi Norwell said it was too soon to see any effects of Covid-19.
National house prices rose from $560,000 last February to $640,000 last month and seven regions reported record medians.
"It's too soon to see any effects from Covid-19 ... [but] this is something we'll be keeping a close eye on," Ms Norwell said.
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A few years back, I procrastinated on a couple of good buys in the low $200's looking to save a bit more for something a bit better. Now I have been totally priced out of the market, and despite making good money, can't even save the extra now needed.
But my pet hate is when Real Estate agents just spruik it as, "well, were just catching up to the rest of NZ" (like it's a good thing?) I hate to sound cynical or selfish, but my only real hope now is a lengthy global market crash/recession...
Those at the bottom will no longer be able to afford their own home and continue to have to pay three quarters of their wages etc in rent, they will be renters for life. This housing market is now a rich mans game.