Only 20 percent of house sales last month were under $1million.

Real Estate Institute of New Zealand statistics show 63 sales for the month of May 2018 and 25 of these were Sentinel Park sections coming through, now they have had their titles issued.

First National principal Lynette Winsloe said the remainder of the sections were sold in Wanaka and ranged from $340,000 (434m2 in Northlake) through to 1858m2 which sold for $1,050,000 in Peninsula Bay.

Thirty houses were sold in the area for May with the majority of these being in Wanaka.

These started at $685,000 for 120m2 dwelling in Wanaka or $730,000 for a three bedroom home in Albert Town. 

"Perhaps one of the surprises last month was the one bedroom unit in Hawea that sold for $460,000, while another would be the $8.25m paid for a magnificent home on 24ha out near Glendhu Bay,” Lynette said.

It used to be that the majority of properties were under the $1m mark, whereas now that seems to be the exception with May showing only 20 percent of house sales were under $1million, she said.

Fortunately for the buyers out there, sections were more affordable with 85 percent of all the sections sold under $500,000.

The median price for Wanaka houses was $1,190,000 - considerably up on April’s median of $990,000 which, in turn, was up on the figure for May 2017 of $923,750.

"I’ve been talking to the salespeople to find out where the buyers are coming from and they report locals are doing a lot of the business,” Lynette said. "This shows the confidence and strength that local residents see in our market. Not only in residential properties, but businesses for sale are experiencing strong interest with several going under contract in the last week.”

PHOTO: Supplied