Steady sales and diminishing stock: time is not on the side of purchasers.

Local real estate statistics just released show May 2017 had a total of 58 sales, comprising 45 houses/apartments and 13 sections or lifestyle blocks - an increase of 23 percent on the previous month, which had a total of 47 sales.

In Wanaka itself, house prices started at $645,000, with the most affordable option an Oakridge apartment at $200,000. Prices ranged up to $2,307,060 for a substantial home on an acre.

Although Timsfield in Lake Hawea had the most affordable sections with sales at $250,000 and $255,000, prices started at $495,000 for an 811m2 site in Wanaka and went up to $860,000 for a 4525m2 site.

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"The median price for Wanaka houses (excluding the outer areas) for May 2017 was $923,750, a reduction of 12 percent on the April median of $1,050,000. Compared to May 2016 when the median house price was $922,500 and you can see that over the course of a year, it was more or less the same,” Wanaka First National principal Lynette Winsloe said.

"The median price for Wanaka sections has, however, increased over the year from $525,000 in May 16 to $622,500 for May 17 (an increase of 19 percent). And from the month of April 2017 when the median was $437,283, there has been a huge increase of 42 percent for the month.”

Lynette said the number of listings coming to the market usually fluctuates, however in recent months the number of new listings has been lower than normal. Combined with steady sales, stock is diminishing.

"Vendors are continuing to achieve good results in this market, probably due to the scarcity of stock. Purchasers need to be ready to act straight away if they find a property they want – time is not on their side.”

PHOTO: Wanaka App