Feature article

Otago regional property market insights

A snapshot of Otago’s property market.

Last updated: 3 December 2024

Otago’s regional property market at a glance - residential properties for sale

According to the latest Trade Me Property data, the average cost of buying a home in Otago in November 2024 was $874,650. This was a slight decrease of 0.7% on the month before, and a considerable increase of 7.3% from November last year, when the average Otago property price was $814,850.

Month-on-month, there was a 9% increase in the number of properties available for sale in the Otago region, with 2,452 properties available on our site in November. Compared to the same period last year, the number of properties available in the Otago region in November 2024 was up a massive 27%, providing heaps more options for would-be buyers in this area.

Otago’s regional property market at a glance - residential properties for rent

Month-on-month, the average cost of renting a house in the Otago region was down 7.7% in November compared to October, and up 7.1% year-on-year. The current average price of renting a property in the Otago Region is $600, compared to $560 the year before.

Recent months have seen a big spike in the number of Otago properties listed for rent on Trade Me Property. In November 2024, this number was 1,043, while in June of this year there were 727 Otago rental properties advertised on our site.

Otago is proudly home to the world's steepest street!

Current buyer and seller behaviour in Otago/Ōtākou

Among people surveyed in our September 2024 Property Pulse survey* who were seeking to buy a home in the Otago region:

1.7% were currently in the process of buying a home.
8.1% were just thinking about buying a property.
7.1% were looking to buy a property in the next year.
6.6% were looking to buy a property in the next 1-2 years.

Of the respondents who’d ideally buy a property in the Otago region, 55% agree that now is a good time to buy a home in Otago. Would-be buyers in the Otago region say they would be most willing to compromise on the size of the section/land in order to stay within their buying budget, compared to a range of five other options including size of garden, location and property condition.

Interested in how quickly properties in the Otago region change hands? Of the respondents looking to sell a home in the Otago region:

5.6% had owned their current home for more than five years.
9.6% had owned their current home for 3-5 years.
2.8% had owned their current home for 1-2 years.
5.6% had owned their current home for 6-12 months.
11.8% had lived in their current home for fewer than 6 months.

Of respondents looking to sell a home in the Otago region:

7.3% were currently in the process of selling a property.
6.5% were just thinking about selling a property.
5.9% were looking to sell a property in the next year.
5.5% were looking to sell a property in the next 1-2 years.

Could you get used to having these views on your doorstep?

Why live in Otago/Ōtākou?

According to the most recent census in 2023, 254,600 people live in the Otago Region, which has a population density of 8.2 people per km2.

The 32,000 km2 Otago region is comprised of several districts including:

A couple of things probably immediately come to mind when you think about these areas.

Firstly, the sheer beauty of the Queenstown-Lakes and Wānaka areas, with its amazing skiing/snowboarding fields, vineyards and tramping opportunities. It’s a place that attracts people from around the world, and a location that few would begrudge living in.

The Otago region is also synonymous with Otago University/Ōtākou Whakaihu Waka, one of Aotearoa’s most prominent teaching and research universities, and a major employer in the area. Other major employers in the Otago region include the construction industry, which accounted for 12% of total employment in the region in 2023, according to Infometrics. Healthcare and social assistance represented 10.8% and retail trade was the third largest sector employer at 9.7%, according to Infometrics.

*Data from Trade Me Property Pulse Survey 2024. 1,572 total responses, 127 responses from the Otago Region.

Author

Al Hall

Al Hall is a regular contributor at Trade Me Jobs and Trade Me Property. He’s dedicated to helping people succeed in their aspirations to find their dream job and place to live.