Sections continued to be snapped up in popular Wanaka.

February 2018 saw another solid month for sales in and around Wanaka with a total of 52 properties sold.

These included 35 houses, ranging in value from $330,000 for a 40m2 flat in Lake Hawea, right through to $2,235,000 for a substantial home on the outskirts of Wanaka. Entry level in Wanaka was $557,000 for a three-bedroom cross lease property of 120m2.

There were 17 section/land sales in total with a variety of sections sold in Wanaka, topping out with a Ridgecrest section for $1,150,000. First National’s Lynette Winsloe said Ridgecrest was a blue chip area that had always commanded good prices.

The number of new listings coming to the market eased in February. "I feel like Mother Hubbard when she goes to the cupboard and the cupboard is bare,” Lynette said. "Because a lot of our listings have sold with a minimal number to replace them, stock levels are looking low.”

First home buyers are becoming increasingly disappointed with the market as they are continually having to relook at their budgets, Lynette said.

"If you search realestate.co.nz for houses under $500,000 for sale in the Wanaka region, there is currently a selection of just three. And if you increase the limit to $600,000 there is a slight increase to 5. It’s tough times out there.”

Lynette said the figures for February 2018 were almost the same as the previous year. In February 2017 there were 51 sales with a median house price of $1,095,000, while February 2018’s median was $1,035,000.

"It’s the same dollar value (with both February 2017 and February 2018 totalling $47m) for almost the same number of sales. The median does differ and is about five percent less than this time last year.”

PHOTO: Supplied