The upward trend in the Wanaka market is showing no sign of relenting.

The most recent information from the Real Estate Institute of New Zealand (REINZ) has shown the numbers keep going up across the district. 

“The Queenstown Lakes District saw median house prices increase 7.4 per cent year-on-year to $1,010,000 [in October]”, REINZ regional director Gail Hudson said. 

“Sales volumes for the district increased 47.4 per cent when compared to the same time last year, from 95 in October 2019 to 140 in October 2020. Buyer enquiry is strong across the price brackets, but particularly in the $750,000+ bracket.” 

Hannah Walker, the co-founder and salesperson of real estate company Proppy, said the Wanaka market is “booming”.

“We have had an influx of buyer enquiries from Auckland, Wellington, Christchurch, locally and from expats living abroad (Vietnam, Melbourne, Singapore, London). Expats are wanting to come home and set up in Wanaka and New Zealanders are looking to buy a bach/holiday home.”

But the hot property market isn’t limited to Wanaka - prices are racing upwards all over the country. 

Median house prices across New Zealand increased by 19.8 per cent, from $605,000 in October 2019, to a new record median high of $725,000 in October 2020. 

“I believe there is an increase in demand as people who normally go overseas every year are spending their money on purchasing properties, renovating, and upgrading their homes as they are spending more time there,” Hannah said.

“Interest rates are also at an all time low which is encouraging people to invest and park their money in property.”

She predicted strong growth in the market, nationwide, would continue through to the end of 2021.

“With COVID or without COVID, we still have the lakes and mountains and people want to live and invest here,” Hannah said. 

PHOTO: Wanaka App