Colliers International data reveals that around Dunedin's campus in both the million dollar plus and studio flat categories, first half 2015 sales were higher than the total sales of each category for full year 2014.

Multi flat sales were five for all of last year, and already five for the first half of 2015, while studio flat sales were up from five last year to seven for the first half of 2015.

Residential rental yields in Auckland had been tagged at around 4%, while for the Dunedin campus investment the gross yield had been 8.5% 11%, Colliers International student and residential investment sales consultant Matt Morton said.

Median campus yields in the first quarter were 7.65%. They declined to 6.95% in the second.

''Following the Auckland property boom, we're now experiencing a strong overflow of investors wanting Dunedin property for better [rental yield] returns than they're getting in Auckland,'' Mr Morton said.

Separate Real Estate Institute of New Zealand data last week showed that for August, Dunedin house prices attained a record median of $300,000, from increased buying pressure. August sales were up more than 50% on a year ago, to 192.

Anecdotally, Auckland interest was singled out as ''well up on last year'', REINZ Otago spokeswoman Liz Nidd said.

''The number of people selling in Auckland and coming south is increasing ... the Dunedin residential market is also [rental] yield attractive to them,'' she said.

In hitting a record Dunedin median price of $300,000 in August, the total sales value rose by $16.4million for the month, to $67million, Mrs Nidd said.

The Colliers' data shows 31 university investment properties sold in the first quarter last year, rising to 40 this year, while second quarter sales numbers rose from 22 last year to 33 this year.

Colliers collates quarterly campus sales from all real estate agencies within the campus area, excluding sales of residential houses.

Mr Morton said investor interest was not confined to just Aucklanders, but also coming from investors countrywide, including some in Queenstown.

Colliers estimates that of 73 properties bought in first half 2015 in the three Dunedin campus areas it covers, Auckland investors had bought 10 and overseas investors six.

Dunedin buyer numbers declined slightly from 39 to 37, while rest of North Island (4) and rest of South Island (11) sales were flat. Five buyer locations were undisclosed. There has been anecdotal commentary of Aucklanders selling one property to buy two or three elsewhere in the regions.

However, Mr Morton said many were buying Dunedin properties for the higher yield cash flows, which offsets the losses of rental yields in Auckland, but gives them breathing space to wait for capital gains from the heated Auckland market.

''Some are becoming uncomfortable in Auckland and coming south.''

He said an Auckland investor with a $800,000 mortgage paying 5.25% interest, but only getting a 4% return, would be losing money.

''They need the cash in the portfolio to allow Auckland [prices] to grow,'' he said.

He said the outside Otago investors were more immune to $1million plus asking prices and were at present beating local investors with higher offers.

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