Bayleys Arrowtown owner and principal Richard Newman reiterated his long-held fear that Arrowtown was ‘‘losing our community’’.
According to Trade Me’s Property Pulse Report, data from the first three months of this year showed Arrowtown’s average asking price was more than $3 million.
But Mr Newman, a longtime Arrowtown resident, said that figure was skewed, because it took into account sales at nearby Millbrook Resort, where the average sale price was much higher.
While he contended the true average sale price in Arrowtown was $2.8m, based on the Trade Me report, that still made it New Zealand’s most expensive postcode.
Parnell is in second place, according to the Trade Me report, with an average asking price of $2,640,350, while Westmere is third ($2,598,900).
Auckland suburbs hold every other spot in the top 10, while Wānaka is 11th ($1,974,350) and the Queenstown town centre 13th ($1,972,200).
Trade Me Property customer director Gavin Lloyd said Arrowtown hitting the $3m mark was a ‘‘massive milestone’’.
‘‘It’s no longer just a holiday destination; it’s fast becoming a status postcode for those looking for a mix of heritage charm and alpine luxury.’’
But Arrowtown-based regional economist Benje Patterson said ‘‘there’s still a little bit of spread, albeit from a very expensive starting point to an eye-watering finish point’’.
Mr Newman said the top end of the Arrowtown market had ‘‘really taken off’’ over the past year, with a 30% increase.
‘‘The house that was $2.8m is probably now $3.8m and so on,’’ he said.
‘‘There are sales at $5m, which we’ve never had before. I think there was one at $6m.
‘‘And every month now, there’s a $3m sale, whereas before, that was huge.’’
Mr Newman said most of the demand for Arrowtown properties was coming from Aucklanders wanting a second home, leading to his long-held fear ‘‘we’re losing our community’’.
‘‘I think for the locals, like myself, it is a concern.’’
Arrowtown Village Association chairman Nick Fifield said the village, historically, had never been a ‘‘full occupancy’’ town: its crib era had shaped the community as much as its gold-rush beginnings.
The difference now, though, was families who once owned the cribs were selling to Auckland and Australian investors, who ‘‘perhaps don’t have quite the same understanding of the history and the fabric of the place’’, he said.
‘‘Maintaining that community fabric is something we will have to continue to do.
‘‘The people that choose to live here, or choose to own homes here, if they want to maintain the village that they bought into — it’s about being part of the community and contributing meaningfully.
‘‘But it is getting harder and harder for people to get in here ... that is inevitably going to have an impact, and we don’t know what that’s going to be.’’
