High-end Wānaka properties in the $2.5M+ price range are in hot demand, a local real estate agent says.

Proppys co-founder and sales consultant Hannah Walker says the local market is strong despite wobbles in many other parts of the country, with upscale properties still fetching high sales prices.

A four-bedroom house on Dungarvon Street on a 628m2 section sold for $4.5M last month: The 340sqm architecturally designed house was described as an “executive home”, featuring lake views and “a multitude of features” like sensor mood lighting, cedar detailing, and a Sonos sound system. 

Other properties fetching substantial sales prices include an 800m2 section on Landsborough Lane, which sold for $1.45M, and a two-bedroom house on 2.5ha on Maxwell Road which fetched $2.45M.

Hannah said lifestyle properties, in addition to upscale homes, were particularly popular at present, and enquiries were coming in from overseas and, in particular, Australia.

Real Estate Institute of New Zealand regional director Gail Hudson also noted the strength of upscale properties in the current market.

“The upper end of the market remains strong with the Queenstown-Lakes District and Wanaka desirable areas to live.”

“Owner occupiers remain the most active buyer pool as finance restrictions impact the ability of first home buyers and investors to enter the market,” Gail said. 

Hannah said these restrictions, which include an additional increase to the Official Cash Rate, would put pressure on some homeowners and tighten their budgets for buying.

In the last year Wānaka saw its sales count increase 17 percent year-on-year and its median house price rose by 38.7 percent between March 2021 and March 2022.

Ninety-one properties were sold in the Upper Clutha in March.

PHOTO: Wānaka App