The median Wānaka house price has increased by 47.5 percent since last November. 

Real Estate Institute of New Zealand (REINZ) regional director Gail Hudson said median prices rose to $1.452M in the one-year period ending November 2021.

She said recent buyers in Queenstown Lakes included many owner-occupiers moving here from the North Island, and more buyers coming from other parts of the country are expected.

“With the Queenstown-Lakes District becoming a more desirable place to live, and an increase of people having the option to work remotely, it is expected that more out of town market activity will occur as borders open,” she said. 

Investors, on the other hand, have started to step away from the market due to new tax deductibility rules and the challenges involved in ending tenancies, she said. 

Proppy.co.nz real estate agency co-founder Hannah Walker said she had numerous viewings with Auckland buyers soon visiting Wānaka.

“Over the next week and a half I feel it will be a last dash before Christmas with buyers trying to secure a property before the 25th of December,” she said. 

After a shortage of stock over the past two months more Wānaka properties were coming on the market, she said. 

Hannah said she did not anticipate property prices dropping in the short term.

Thirty-eight houses and apartments sold in Wānaka during November, ranging from $649,000 for a two-bedroom (71sqm) townhouse in Anderson Road to $5,770,000 for a six-bedroom home on 4024m2 land near Sticky Forest.

Just three sections sold over the course of the month, starting at $680,000 and topping out at $1.1M.

Two lifestyle properties sold, for $1.8M and $4.6M respectively.

PHOTO: Wānaka App