Queenstown Lakes is the only district in the country where house prices didn’t fall in the three months from July to September.

That’s the latest from the QV House Price Index, which measures home values nationwide.

Prices fell the furthest during the quarter in Wellington (-9.6 percent), Tauranga (-7.7 percent), and Nelson (-7.0 percent).

In Queenstown Lakes they increased by 0.2 percent, QV general manager David Nagel said.

“Once more, it’s a stark contrast to the national average ($956,592), which is 2.1 percent lower than the same time last year, and 9.2 percent lower than at the start of the year,” he said.

Nationally, a combination of interest rates rises, credit constraints and the increasing cost of living are “a sure-fire recipe for declining home values,” David said.

Real Estate Institute of New Zealand regional director Gail Hudson pointed to Queenstown Lakes lifestyle offerings as a potential contributor to the district’s resilient prices.

“The Queenstown-Lakes District continues to be seen as a desirable region to live in - particularly for those who want to relish its lifestyle and can work remotely.” 

Enquiries from possible owner-occupiers have “increased markedly,” she said.

Proppys Wānaka real estate agency co-founder Hannah Walker also said the company was starting to see an uplift in enquiries and sales activity. 

Despite the interest from buyers, particularly from Aucklanders and those in other parts of the South Island, “the numbers are less than they were this time last year,” Gail said.

Almost $100M worth of property sold in Wānaka in September 2021, from 118 sales, while in September 2022 there were 40 sales, with a total value of around $63.7M

Vendors in the district are now more aware of the challenges buyers face and are prepared to “listen to the market”, Gail said. 

“Open homes are busy, which shows there is still a good amount of interested buyers, albeit showing less urgency.”

PHOTO: Wānaka App