November average house price $1.64m: real estate firm

File photo: Getty Images
File photo: Getty Images
Humble Wanaka holiday homes could set buyers back about $1million this summer, while trophy homes now cost at least $5million, according to recent real estate sales figures.

The average Wanaka house sale price in November was about $1.64million, one Wanaka real estate company said in a recent newsletter.

The company sold 13 houses for more than $2million in November, including a two-bedroom home on a 1153sqm property in Lake Hawea for $2.5million and a six-bedroom house on a 4024sqm property in Wanaka for $5.7million.

The Otago Daily Times understands Bayleys Wanaka sold a Beacon Point Rd home for about $5.5million this month.

Wanaka’s soaring prices match national trends.

Just over 43% of total house sales in New Zealand in November were for $1million or more, the Real Estate Institute of New Zealand (REINZ) said in a report released on December 13.

The percentage of properties sold across New Zealand for $1million or more increased from 27.9% in November 2020 to 43.7% in November this year.

REINZ regional director Gail Hudson said the Queenstown Lakes district’s median house price had reached $1,250,000 — an 11.6% increase year on year, and North Island buyers were "particularly noticeable".

"The Wanaka ward had a 47.5% increase year on year, reaching $1,452,500."

Owner-occupiers were the most prevalent buyers in November.

Many were from out of town who intended to move to the district once travel restrictions lifted, she said.

REINZ chief executive Jen Baird said the country’s property market was firm, all regions experiencing annual growth and 24 territorial authorities reaching new record medians.

“Fomo — fear of missing out — is beginning to dissipate.

"The enduring strength of property prices means some vendors may be less inclined to act now, without fear of missing their preferred prices later," she said.

The future would bring government measures to moderate the New Zealand property market, Reserve Bank official cash rate increases and growing challenges around bank lending criteria.

Growth was expected to continue, but on a more moderate trajectory, Ms Baird said.

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