Queenstown Property Market Update – August 2025

The Queenstown property market has held steady through winter, with both prices and listing activity remaining consistent over the past few months. While the cooler season typically brings a quieter market, there are still opportunities for buyers and sellers alike.

Buyer activity

First-home buyers remain the most active group this month, with increased enquiry also coming from overseas buyers.

Open home attendance has been steady, particularly in the lower price brackets. At the higher end of the market, buyer numbers have tapered off.

Vendors are generally realistic with pricing and open to negotiation, which is reflected in many properties selling either at auction or through deadline sale. Auction clearance rates sit around 50%, with plenty of post-auction negotiations resulting in positive outcomes for both parties.

Listings have dipped during the winter months as many sellers wait until spring. This seasonal lull is expected to shift, with activity likely to increase as warmer weather arrives.

Local sales insights

• Queenstown-Lakes median house price (July 2025): $1,470,000
• Up 1.4% from June and 4.3% higher than July 2024.
• Sales volumes: 104 properties sold in July, almost identical to June (103) and July 2024 (103).

This reflects a typical mid-winter pattern of lower listings and steady, if unspectacular, sales volumes.

Regional sales

• Central Otago: Median price $800,000 (up 2.6% from June, up 10.3% year-on-year).
• Wanaka: Median price $1,415,000 in July, slightly down from May ($1,440,000). 48 sales were recorded, with an average 68 days to sell.
• Otago region: Median price $730,000 (up 1.4% from June, and up 11.1% from July 2024). There were 383 sales in July, with an average 58 days to sell — 11 days longer than this time last year.

The takeaway

The local market has been stable for several months, and while we’re not expecting major shifts in the short term, the arrival of spring and more listings should bring a seasonal boost.

It remains a buyer’s market, with plenty of homes available, lower interest rates, and stable pricing. This creates excellent opportunities for those looking to purchase, though it can be more challenging for sellers relying on the sale of their current home to make their next move.

For sellers, accurate pricing is key to securing a sale in today’s market. For buyers, getting pre-approved finance is still the smartest move, ensuring you’re ready to act when the right property comes along.

Thinking of buying in Queenstown, Wanaka or Central Otago? Now is a great time, with more choice, less competition, and lower borrowing costs. Book your free appointment with our Loan Market Queenstown mortgage advisers today, and let us help you navigate your next move with confidence.

Source: REINZ and Harcourts Wanaka