Proppy.co.nz co-founder Hannah Walker says between the small amount of stock and low interest rates, there is a major case of FOMO (fear of missing out) in the housing market at present.

“The signals are there that there will be further interest rate hikes in the near future, fuelling the fire for buyers not to miss out on purchasing a home at the current interest rates,” Hannah said.

That’s combined with record prices across the country - and in Wanaka - plus “housing supply now is at nearly record low levels, driving prices higher”.

Determined buyers should do their due diligence as early as possible and have their financing ready to go, Hannah said.

Real Estate Institute of New Zealand (REINZ) regional director Gail Hudson said Queenstown Lakes prices increased by more than 14 per cent between June 2020 and June 2021, with the median price now well over a million at $1,063,750.

Low inventory across the district was playing a role, Gail said, adding that the district should “continue to be steady over the winter months”.

More than $60M of real estate sold in Wanaka in June, including 23 houses or apartments.

The properties ranged from $118,000 for a two-bedroom unit in Oakridge Resort, $835,000 for a two-bedroom house in Wanaka and $3.6M for a six-bedroom home on 1370m2 land on Forest Heights.

Fifty-three sections were sold in June, with the cheapest going for just under a quarter of a million ($247,826) and the most expensive - a 4351m2 site in Moutere Place, Northlake - went for $1.2M.

In total there were 77 sales during June.

PHOTO: Supplied