Property boom sees prices soar in Otago

The average residential land value has increased 271 per cent from $27,900 in 2001 to $103,500 this year.

Cromwell figures show similar growth, with the average house value increasing from $131,000 to $270,000. Residential land has increased from $31,900 to $134,000.

Malcolm Moore, a valuer for 27 years, said he had never seen anything like the growth in Central Otago. <...