Property sales dropped, but prices continue to rise this past month.

April was a less busy month for property sales, with a total of 31 sold in the Wanaka and surrounding areas.

These sales included 23 houses, which ranged in value from $632,000 for a 60m2 two-bedroom home on Little Street, right through to $2,520,000 for a house on 4.5ha in Albert Town.

There were eight sections sold in April. A 742m2 section at Lake Hawea sold for $250,000, and at the other end of the market a large 4006m2 section at Far Horizon went for $1,250,000.

First National principal Lynette Winsloe said titles for sections in a couple of the new subdivisions in Wanaka are expected over the next few weeks, so there may be a big jump in sections sales when the figures for May are released at the end of this month.

Nationally, the number of listed properties increased, but the Central Otago/Lakes areas recorded a drop of eight percent compared to April 2017.

We are now down to only 21 weeks of housing stock, much less than the long term average of 69 weeks of stock, Lynette said. Given this, it is hardly surprising that house prices in Wanaka and surrounds continue to rise.

Buyer interest is still strong for most types of property.

PHOTO: Supplied