Property Market
5 min read
What's happening with Central Otago house prices?
Council area of Otago
Author: Ed McKnight
Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Laine Moger
Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.
What's happening to Central Otago house prices?
The average price of a Central Otago property is $886,090 (QV, January 2026).
Central Otago house prices are up 6.33% over the last three months (REINZ). And they are 11.99% up over the last 12 months.
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Quick Facts
- The average price of a Central Otago property is $886,090 (QV, January 2026)
- Over the last 3 months property prices in Central Otago have gone up 6.33%
- Central Otago property prices increased 5.78% per year (on average) in the 20 years between February 2006 - February 2026 (REINZ)
- The average rent in Central Otago is $605 per week (Tenancy Services, January 2026)
How are Central Otago property prices changing?
Central Otago house prices soared after the Covid-19 pandemic began. House prices started out 33% below the eventual peak of the market.
However, after that peak in April 2022, house prices fell 6.84% before bottoming out in September 2022.
Today, Central Otago house prices are up 0.00% compared to their peak. That means prices have risen 20.42% since the bottom of the market.
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Where is Central Otago in its property cycle?
At the absolute bottom of its property cycle, Central Otago was 27.25% undervalued.
Today, property prices in Central Otago are overvalued 28.09%.
That suggests there is a selling opportunity in Central Otago.
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Central Otago suburb prices
I track the value of 9 suburbs in Central Otago. The most expensive suburb is Mount Pisa, which has an average house value of $1,409,400. While the most affordable suburb is Ranfurly, which has an average house value of $444,250.
Over the last 24 months of all Central Otago suburbs (January 2024 - January 2026, Roxburgh had the fastest-growing house prices. They have gone up 10.03% over that period.
The suburb that grew the slowest over that period was Clyde. Property values in this suburb grew by 3.64% over those 2 years.
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What is the Central Otago rental market like?
Here's how rents are changing in Central Otago. Over the last four years (January 2022 - January 2026) the median rent has gone up $145 a week. That's 7.09% a year (on average).
Over the last 12 months, rents have gone up. They are up 51.25% ($205 a week) year on year.
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Are properties selling above or below CV in Central Otago?
One of the most common questions I get asked is: 'Ed, are properties selling above or below their Capital Value (CV)?'
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property. So even if the seller hasn't advertised a price, you can get a feel for what the property might sell for.
This table shows whether the average property is selling above or below CV across Otago.
The area in Otago selling the highest vs CV is Central Otago District where house prices are current selling 18% above CV.
The area in Otago selling the lowest vs CV is Queenstown-Lakes District where house prices are also selling 3% above CV.
Other property markets to look into
If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Otago property market here.
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This property market information is for your general information. It’s not financial advice. See here for details about our Financial Advice Provider Disclosure. So Opes isn’t telling you what to do with your own money.
We’ve made every effort to make sure the information is accurate. But property markets change, and we occasionally get the odd fact wrong. Make sure you do your own research or talk to a financial adviser before making any investment decisions.
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