The prices in real estate in Luggate, in the Central Otago region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Luggate has had a strong decrease during the last 6 months. In November, the average price per m² was $7,228. In the following month the price per m² decreased considerably to $5,764. The price for the following two months in (January, February) had a considerable decrease of 10 with regard to the prior two months. The price per m² has had a considerable increase of 162 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $3,585 to $5,825 during March, and April.
Based upon to the price in Luggate (suburbs), these have remained the same in the last 6 months. In our first sample month during November, the average price is $1,182,017. In December This price remains at $1,200,191. In the following two months the average price has remained the same with regard to the previous two months from $1,191,104 to $1,198,967. Based on an analysis of the first four prices and the last two months the average price has gone up 108 % during the last two months.