A hotel proposed for Queenstown's Brecon St will be the resort's biggest if it gets council approval.
High prices, higher deposits, finance constraints and lending tightening has seen the number of houses sold in 2017 plummet.
Residential property values continued to rise across Dunedin in the past 12 months, the latest QV figures released yesterday confirm.
Quarterly Otago median house prices appear to show a rapid cooling for the third quarter of last year, but post-election jitters appear to be dissipating.
Central Otago Lakes has knocked Auckland off the house asking-price top spot for the first time since January 2016, realestate. co. nz figures released yesterday show.
Home loan rates will likely rise a bit in 2018 but are not expected to take a big jump up, experts believe.
The Government has been accused of pandering to voters with a "racist itch" as legislation to ban overseas buyers from snapping up existing houses is set to pass its first hurdle.
Consumers appear to be relaxed in the face of a cooler housing market and a change of government, the latest ANZ-Roy Morgan NZ Consumer Confidence survey indicates.
Government moves to add building occupations to the skill shortage list have been welcomed by Otago-Southland Employers Association chief executive Virginia Nicholls.
Otago's housing sector appears to be finishing the year with a more than 30% bounce to month-on-month sales, albeit with flat prices.
National house sale volumes hit a six-year record with a big November rebound, according to the Real Estate Institute which announced a rise of almost 18% in the number of properties traded last month compared with October.
The Government says it has "inherited a mess" after newly released figures on the country's housing crisis put the national shortfall at more than 70,000 homes.
Most of Otago has maintained double-digit increases in average house values compared with a year ago, and the Queenstown Lakes region has topped the country with a $1.1 million average.
The Government insists that new minimum standards to ensure rental homes are warm and dry will not push up the price of renting - and help will be available to landlords facing extra costs.
The new Government's plans for the rental market, loan restrictions and historically high immigration levels had created a "perfect storm", which he said would cause further rent rises.
Easing the lending restrictions on banks will only make a minimal difference to first home buyers, a real estate industry body says.