PHOTO: Wanaka. FILE

Humble Wanaka holiday homes could set buyers back about $1million this summer, while trophy homes now cost at least $5million, according to recent real estate sales figures.

The average Wanaka house sale price in November was about $1.64million, one Wanaka real estate company said in a recent newsletter.

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The company sold 13 houses for more than $2million in November, including a two-bedroom home on a 1153sqm property in Lake Hawea for $2.5million and a six-bedroom house on a 4024sqm property in Wanaka for $5.7million.

The Otago Daily Times understands Bayleys Wanaka sold a Beacon Point Rd home for about $5.5million this month.

Wanaka’s soaring prices match national trends.

Just over 43% of total house sales in New Zealand in November were for $1million or more, the Real Estate Institute of New Zealand (REINZ) said in a report released on December 13.

READ MORE VIA ODT