Home values in Central Otago are 3.7 per cent higher than at the same time last year, according to Quotable Value (QV).

Tall Poppy Real Estate business owner Peter Hishon said the district had been “insulated from mainstream New Zealand” and was lucky to be running a couple of per cent above the national average.

“There’s a steady stream of people buying here with a view to retire here in a few years.”

Peter said Central’s lifestyle areas have held their values really well.

“We are one of the most affordable lifestyle areas . . . although land availability can be a bit limited.”

He said despite an increase in listings slowing things down, “that can change in three weeks.”

“I’m still putting one or two [properties] on the market per week, things might taper off a bit, we might have a lull for a few weeks.

“Central Otago is a very affordable place to come and live. The lakes area [Queenstown and Wānaka] are bloody expensive now and that is driving our area . . . we are seeing people moving down the river.”

Tall Poppy Real Estate business owner Peter Hishon. PHOTO: Supplied

On an annualised basis, home values in neighbouring districts of Waitaki are up by 2 per cent, and Queesntown is up by 8.8 per cent.

Across the wider Otago region home values have risen by an average of 3.4 per cent this quarter.

The latest QV house price index shows residential property values are slightly higher on average annually for the first time since August 2022. 

The national average home value is now 0.6 per cent higher than the same time last year and 13 per cent below the market’s peak in late 2021.

QV operations manager James Wilson said this small, but significant return to positive year-on-year growth means that all the value softening experienced over the last 12 months has now been reversed at a national level.

“However, the slow but steady growth that we have been experiencing since June last year now appears to be flattening even further.” 

QV house price index for February 2024 released on March 12. PHOTO: Supplied 

Read more: Central Otago home values inching up