Wānaka’s median house price fell by 8.2 percent between July 2021 and July 2022 according to statistics from the Real Estate Institute of New Zealand (REINZ).

REINZ regional director Gail Hudson said while owner-occupiers were active in the market, open home attendance dropped due to reduced buyer interest. 

“While there was a reduction of attendees at auctions, it remains a popular method of sale for many vendors as it determines value,” she said. 

Across Queenstown Lakes, prices increased by 4.2 percent in the same period.

Gail said the region was still experiencing a “satisfactory sales volume” because of “ongoing confidence” in the region. 

“There has been a notable increase in out-of-town buyers showing interest,” she said. 

“Agents expect new listings and buyer activity to increase in spring as usual.” 

Forty-six properties were sold in Wānaka in July, with a sales volume totalling more than $75M.

The least expensive home sale was a four-bedroom townhouse in Albert Town which sold for $625,000 and the most expensive, for $4.7M, was a five-bedroom home on a 3,239sqm section.

PHOTO: Supplied