Queenstown Property Market Update – January 2026
December kicked off strongly, with a solid number of property sales recorded across the region. As expected, activity slowed through the Christmas and New Year period however overall sales volumes remained broadly in line with the same time last year.
While the festive season always brings a natural lull, the underlying level of demand across the region remained resilient.
Buyer Activity
First-home buyers, owner-occupiers, and investors were all active throughout the month. Open home attendance held steady, although persistent poor weather did limit turnout at times.
Most vendors were realistic in their pricing and willing to meet current market conditions, particularly those who were motivated to sell. This has resulted in a relatively balanced market, where both buyers and sellers can achieve good outcomes when expectations are aligned.
Auction rooms also remained busy. As we’ve seen in recent months, properties that did not sell under the hammer often moved quickly through post-auction negotiations. Auction continues to be a popular method of sale in the region, so buyers should be mindful that additional preparation is required when purchasing this way.
Local Sales Insights
Queenstown-Lakes
Median house price: $1,415,000
Up 1% from November
Up 4% from December 2024
Sales volumes: 108 properties sold, down from 150 in November and 126 in December 2024
Regional Sales
Central Otago
Median price: $825,000
Up 0.6% on November
Up 7.2% from December 2024
Sales volumes: 47 properties sold, up from 44 in November and 43 in December 2024
Wanaka
Median price: $1,441,500, up 5% year on year
44 sales recorded in December
Average days to sell: 88
Otago Region
Median price: $705,000
Down 4.7% on November
Up 0.7% from December 2024
406 sales recorded in December, similar to 413 sales at the same time last year
Average days to sell: 38, unchanged year on year
The Takeaway
Overall, the local property markets are showing steady and encouraging signs. Buyer confidence is improving, vendors are largely meeting the market, and transaction volumes remain healthy for the time of year.
We are not expecting a sharp surge in activity or rapid price increases in the short term. Instead, conditions point toward a stable market with a gradual shift toward growth over the coming months.
This environment continues to present good opportunities for buyers. House prices remain relatively steady, interest rates have stabilised following the easing cycle of late 2025, and confidence is improving across the market.
If purchasing your first home, upgrading, or investing is on your 2026 to-do list, get in touch with our Queenstown mortgage advisers. We can provide personalised advice and guide you through the process from start to finish.
Book your free chat today.
Source: REINZ and Century 21 Wanaka