Latest quarterly pricing statistics from the real estate institute show prices have hit a ceiling in popular areas like Oneroa, on Waiheke Island and Paihia, in the Bay of Islands, which have fallen by 16% and 13% respectively to $1.1million on average. REINZ chief executive Bindi Norwell said with average prices rising across many parts of the country people may have thought that the dream of a holiday home was out of their reach. Real estate agents make the point, however, that pricing also depends on stock availability or new developments coming on stream. Lifestyle blocksIf you are keen on gardening, caring for chooks or kunekune pigs, then a lifestyle block near Cromwell or Alexandra could well be rather more to your liking. In Otago average prices for this class of property jumped by 24% year on year, selling at an average of $214,830 per hectare, compared to Southland which was selling at an average of $161,366 per hectare.

Source: Otago Daily Times December 25, 2019 15:22 UTC