Section prices are on the up in Albert Town.

Property sales in the Wanaka area jumped considerably in August compared to the previous month, according to a market report from First National Wanaka principal Lynette Winsloe.

There were a total of 80 residential and rural sales in August, a significant increase on the 33 sales recorded in July and the 45 in June. 

"One key fact about August’s large number is that, if we dig deeper, we find that 44 sections and two new house builds were in Stage One of the Northlake subdivision and these were titled in August, although in reality these sales would have occurred over the past 18 months,” Lynette said.

The remaining 34 sales (comprising 13 sections/lifestyle blocks and 21 houses/apartments) were spread over Wanaka and the surrounding areas.

Lynette said when the Northlake sales are set aside, Wanaka prices in August started at $380,000 for a Kirimoko section and $370,000 for a 60m2 apartment in Plantation Road.

She said Albert Town was looking particularly strong. "Albert Town sections are commanding good prices, and these are steadily climbing in price as Wanaka section prices increase. Last month there was a sale of $330,000 here and with sections such as this being hard to find, we will see a lift in these prices too,” she said.

At the top end, a 333m2 home in front of the Golf Course with amazing lake views sold for $2.5 million.

According to the Real Estate Institute of New Zealand (REINZ), in the first half of 2017 Otago had the third highest number of properties for sale for more than a million dollars, the first time the region has been in the top three since the first half of 2011.

PHOTO: nzbybike.com