The booming Wanaka property market has continued to perform and 70 properties were sold last month at a wide range of price points. 

The latest statistics from the Real Estate of New Zealand (REINZ) show 47 houses/apartments sold during November, ranging from $650,000 for a three-bedroom house in Northlake right through $4.2M for a substantial 588m2 home on 4,001m2 on Elderberry Crescent.

“On the ground in Wanaka it has been a bit of a whirlwind the last month with properties not even making it to market and being sold so quickly,” real estate company Proppy director Hannah Walker said. 

“[There were] loads of multi offers, successful online auctions and there is no sign of letting up.”

As well as homes, 23 sections also sold in November, starting at $354,500 and topping out at $3.2M for a 3230m2 site on Mount Gold Ridge.

The combined sales had a value of more than $83M.

REINZ regional director Gail Hudson reflected on the past year’s property prices in the district.

“The Queenstown Lakes district saw median house prices increase 14.2 per cent year-on-year to $1,085,000 in November 2020, up from $950,000 in November 2019,” she said.

“Many first home buyers are being priced out of the market and finding it difficult to compete with investors and out of town buyers, particularly as they are also finding it hard to secure finance from the banks.”

Property is selling quickly with days to sell at 35 days, down 16 days from the same time last year, Gail said.

Hannah said while property sales are not finalised during the Christmas break “when we are back in January it will be full steam ahead again.”

“As per usual we are expecting holiday makers to arrive in Wanaka in droves and it is likely they will be shopping for houses at the same time.”

She predicts January and February will be strong selling months.

PHOTO: Wanaka App