The Queenstown Lakes’ median house price increased by 13.6 percent between September 2021 and 2022.

Buyers are now forking out a median of $1.25M to buy within the district, information from the Real Estate Institute of New Zealand (REINZ) shows. 

“Owner occupiers remain the most active buyer group in the market,” REINZ regional director Gail Hudson said. 

“However, as lending restrictions ease, first home buyers are beginning to show interest again.”

She said the spring market was “looking positive” in Queenstown Lakes.

“Open homes are busy, and auctions are still a popular method of sale for buyers and vendors who understand the benefits of a quick conditional sale,” Gail said. 

“On the back of a great winter in the region, visitor numbers have given the local economy a boost and buyers from out of town have become more visible.”

Proppys real estate agency founder Hannah Walker said she has also noticed an increase in the number of first-home buyers entering the market in Wānaka. 

“Numbers of first-home buyers are up and the number of young buyers of family homes are coming back to the forefront of the buying activity,” she told the Wānaka App. 

“We predict more to come out in spring and summer months.”

Gail said investors were the buyer group currently most affected by government restrictions “which is seeing them step back from the market”.

Sales were steady in Wānaka in August, with 42 properties sold totalling almost $60M.

PHOTO: Wānaka App