Median house prices in the Upper Clutha increased 35.5 percent in the past 12 months, information from the Real Estate Institute of New Zealand (REINZ) shows. 

The median house price in Wānaka is now $1.49M, based on the year ending October 2021.

Proppy’s real estate agency co-founder and director Hannah Walker said the boom in prices made it increasingly difficult for first-home buyers to get on the ladder.

She offered some advice for would-be buyers: consider purchasing with a friend or family member; speak to a mortgage broker and get your finances in order before you start looking so you can act quickly; and when you do find a home you want to make an offer on, put that offer in as quickly as possible (subject to due diligence).

Hannah said she doesn’t see house prices in Wānaka dropping in the near future despite rising interest rates.

“In my opinion the property market will continue to stay around current price levels and they won’t be falling anytime soon,” Hannah said. “[They will be] flat at best, and they may well keep rising in the next 12 months.” 

“When Aucklanders are allowed to travel again I also believe there will be another rush [of] property buying in the area.”

REINZ regional director Gail Hudson also said there would likely be an uplift in out-of-market buying activity as Auckland’s alert levels ease.

“There is a strong interest from buyers outside the area to purchase, often buying sight unseen, meaning new listings are in short supply but selling quickly,” she said.

The sales count across Queenstown Lakes district dropped by 42.3 percent this year, which Gail said appears to be largely due to the low level of stock as property owners in the region are showing reluctance to move from the area. 

Still, $89M worth of property sold in Wānaka last month: It included 38 apartments or houses and 37 sections, with houses ranging from the low $600ks right up to $6M for a six-bedroom house on Studholme Road.

PHOTO: Supplied