Albert Town has an average asking price of $1.7million — an increase of 225% on the average asking price of $553,500 in 2015, data released yesterday shows. The township on the edge of Wānaka posted the greatest increase over the past decade in asking price.
In the past seven years, Albert Town has gained a Four Square, Pembroke Patisserie, The Albie Tavern, a Liquorland and a laundromat.
Wayne Chamberlain, a resident in Albert Town for more than 30 years, said he bought his current house in 1995 for $206,000.
"The latest government evaluation estimated $1.2m for the property sitting on 1300sqm but it could be worth a bit more.
"People used to look down on Albert Town but now it’s a desirable place to live. I’m not tempted to sell at all.
He said Albert town was a quiet, safe place to live, the biggest change being the increased traffic and new stores that had opened in the past 10 years.
"We bought in Albert Town because of the affordability. When we first came, houses in Wanaka were expensive for that time just like they are now.
"Access to the river and biking tracks, Pembroke Patisserie and the Four Square brings people to the area.
"If you stay anywhere long enough things will change — it’s just natural progression.
"Since Covid house prices around here have just skyrocketed," he said.
Chris Aspinall, who has lived in Albert town for 20 years, bought his house for $360,000 and the last valuation just over 12 months ago estimated the house was worth just over $1m.
"Albert Town is a great place to live — we could sell but we don’t want to. Albert Town is a nice and quiet place to live, it’s out of the wind and not far from town."
Ray White real estate agent Amy Allan has experienced the changes first hand.
"We first built in Albert Town in 2013 — house and land for $325,000. That same house is now worth about $1m."
She said the popularity of Albert Town came from the same fundamentals as 10 years ago — "a strong family community, quiet streets, river access and proximity to Wānaka without the pressure of being in the town centre".
"Albert Town originally appealed because it was affordable, particularly when areas like Riverside Park were first established. That affordability attracted young families and locals, which created the community feel that still underpins demand today."
She said while mainstream Wānaka had seen strong price growth driven by lifestyle and second-home buyers, Albert Town’s growth felt more organic.
"It’s less about speculation and more about people wanting to live there full-time."
Realestate.co.nz spokeswoman Vanessa Williams said the data the company released yesterday showed sometimes a dream home could also become a "dream investment".
While Albert Town had the largest percentage increase, at 224.6%, the asking price also jumped more than 200% in the Coromandel’s Hahei, as well.
There, over the past decade the average asking price leapt from $623,000 in 2015 to $2,005,000 in 2025, an increase of 217.2%.
"If you bought in Albert Town a decade ago, you’ve basically won the property Lotto," Ms Williams said.
Lakeside destinations Hawea, Rotoiti and Wānaka round out the top five with massive increases to their average asking prices since 2015.
Ms Williams said the data reaffirmed New Zealanders’ love of classic holiday spots but also reflected an "adventurous streak".
"While iconic destinations still hold lifestyle appeal, we’re seeing serious price gains in less expected spots, particularly around the lakes.
"Buyers chasing both lifestyle and long-term value gains may need to look beyond the classic beachside favourites."
