Statistics from the Real Estate Institute of New Zealand (REINZ) show the Wanaka market remained steady in June, with 47 sales at a combined value of $49.6M. 

Compared to the same time last year, however, Wanaka house prices increased by 16 percent: going from $862,500 in June 2019 to $1,005,500 in June 2020.

“The question on everyone’s lips is ‘What’s happening with the market?’”, First National Wanaka sales manager Lynette Winsloe said. 

“Well, I’m happy to report that property sales are strong in Wanaka and that prices are steady.”

There were 39 houses and apartments sold last month, ranging from $550,000 for a 4-bedroom house in Luggate through to a substantial property in Far Horizon for $2,565,000.

Eight sections sold, starting at $270,000 for a 331m2 Northlake section - which was on-sold for $310,000 before its title was issued - and topping out at $1,375,000 for a 20-ha lifestyle block near Mt Barker.

“Considering June is usually a quieter month for real estate sales, 2020 was well up on last year when we had 36 sales and a total of $35.8M,” Lynette Winsloe said.

With school holidays underway, there had been increased interest, Lynette said.

“Open home numbers have increased, along with walk-ins to the office and in general the enquiry level remains high.”

After a bit of a lull in May, when the majority of sales were newly titled sections and not true new sales, the strong numbers for June are encouraging, she said. 

While low interest rates should be helping first home buyers, bank approvals are proving challenging for some buyers, Lynette said. Meanwhile, some investors are still waiting and hoping prices will drop.

Overall, the picture is positive. 

“Looking forward, the market is expected to remain busy and active,” she said. 

PHOTO: Wanaka App