The Central Otago and Southern Lakes area, until now unaffected by a slowing real estate market, is now joining the downturn, reports the Christchurch Press.

For the second month in a row, Real Estate Institute of New Zealand figures show residential properties in the region are taking much longer than those in other areas to sell: a median of 80 days in May and 86 days in April, compared with a national median of 49 and 44 days, respectively.

Sales have been particularly slow in Queenstown, taking a median of 92 days to sell in May - 20 days more than April.

The institute's Central Otago Lakes president, Ross Rainsford, of Wanaka, said the market had been slowing and the pain felt by the rest of the country had now reached the area.

Monthly sales figures have also dropped, tracking below 100 dwellings for four consecutive months something that last happened in October 2000.

Just over 450 residential properties were sold in the first five months of this year, about 300 less than during the same period last year.

"It's hard out there but things got hard for the rest of the country about six months ago we're just coming up-to-date with them," Rainsford said.

"It's our turn now and hopefully it's just short and sharp, and over before the end of the year."