Queenstown Property Update - February 2026

Buyer activity

First-home buyers dominate the market this month, however the investor interest continues to grow with strong rental returns and competitive rates compared to recent years.

Most vendors continue to be realistic in their pricing, as they see the market as currently stable and are adjusting their price expectations to meet this. 

Open homes have been busy throughout January, despite the poor weather, and there have been more buyers actively looking to purchase in the region. Auction rates remained high, demonstrating how successful a sale by auction can be in Queenstown.

Local sales insights

Queenstown-Lakes

• Median house price: $1,830,00
• Up 33.1% from December
• Up 31.7% from January 2025
• Sales volumes: 57 properties sold, down from 117 in December and up from 51 in January 2025.

Regional Sales

Central Otago

• Median price: $840,000
• Up 1.8% on December
• Up 2.4% on January 2025
• Sales volumes: 28 properties sold, down from 48 sold in December and 47 sold in January 2025

Wanaka

• Median price: $1,789,000
• Sales volumes: 37 sales recorded in January, down from 44 in December
• Average days to sell: 61

Otago Region

• Median price: $720,000
• Up 1.4% on December
• Up 6.7% on January 2025
• 250 sales recorded in January, down on 425 sales in December and up slightly on last January’s 243
• Average days to sell: 52

The takeaway

At first glance, it looks like the property market is speeding away in Queenstown, but this new record price likely has more to do with the type of properties sold and the fact that the sale count was lower than anything else. It’s likely that many more expensive homes were sold in January, skewing the median house price. 

Overall, the market remains positive with a healthy balance for both buyers and sellers, thanks to motivated buyers and realistic sellers. There are plenty of properties to choose from, and those that are well-presented and well-priced are moving quickly. 

As always, if you are looking to make a property purchase in 2026, reach out to our team of Queenstown mortgage advisers, and we can step you through the process. Getting pre-approved is still a good idea in order to move things along quickly when you find the right property, and it gives you a budget to play with too. If you’d like to learn more, get in touch for a free chat. 

Source: REINZ and Harcourts Wanaka