Real estate prices in Central Otago Lakes are soaring, with the median house price up 42% in the past year to $659,500 in October, according to the Real Estate Institute of New Zealand. Photo: Getty ImagesIt was the country's biggest gain as New Zealand's median house price increased 11% for the month, while tougher lending rules failed to dampen sales of higher value properties. The national median house price rose to $510,000 in October from $460,000 a year earlier, the institute said. "This could have the result that we're seeing, which is that supply falls but the demand is still there, so prices keep rising." Prices hit a record in Auckland, up 16% to $868,000 from the year earlier.

Source: Otago Daily Times November 14, 2016 01:11 UTC