Wanaka's real estate market showed remarkable strength in May 2025, defying traditional seasonal patterns and showcasing the region's enduring appeal as a property investment destination.

May recorded 41 house sales, marking the highest level of turnover since March 2024. This performance is particularly noteworthy given that May typically represents a shoulder season for the Wānaka property market, a quieter period before winter visitors arrive.

The median house price for these transactions held steady at approximately $1,440,000, consistent with recent months figures and demonstrating market stability despite broader economic pressures.

Additionally, the market saw 21 land sales during the same period, with sections selling at a median price of $675,000. This continued momentum in land transactions indicates strong confidence in Wanaka's future development prospects. Entry-level sections continue to perform well, but higher-end land offerings are increasingly gaining traction, suggesting a diversifying buyer profile in the region.

The recent release of Queenstown lakes government valuations (GVs) has introduced an interesting dynamic to the market. These valuations, updated every three years, show considerable variation across different neighbourhoods within the Wānaka area.

Some localities have seen minimal changes to their valuations, while others have experienced increases of around 30%. This inconsistency highlights the challenges of using GVs as reliable indicators of market value.

These broad-stroke adjustments across entire neighborhoods often fail to account for property-specific improvements and unique characteristics that influence actual market value.

For property owners and potential buyers, this underscores the importance of looking beyond GVs to understand true market positioning. Recent comparable sales provide a much more accurate picture of a property's value than GVs, which can quickly become outdated in a dynamic market like Wānaka.

Market appraisals from experienced local Ray White agents who understand neighbourhood-specific trends offer valuable counterpoints to GVs.

Ray White Wānaka is situated at Sir Tim Wallis Drive Wānaka.

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PHOTO: Ray White Wānaka