Queenstown Property Market Update - August 2026
It’s been a bit of a quieter month, with significantly less sales going through this month in both the Queenstown and Central Otago markets. Prices remain up year on year, and open home activity remains steady so it’s likely we will see a little more activity come Spring. Here’s what you need to know about the local market right now….
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Buyer activity
First home buyers and owner occupiers were the most active in the Queenstown Lakes property market this month.
Vendors and buyers were mostly on the same page in terms of pricing, and the majority of vendors continue to price their properties in line with the current market. Those that don’t, often don’t see a quick sale as buyers have a choice. Open homes were steady, especially for the lower-mid range properties, and auction rooms remained busy with clearance rates steady.
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Queenstown Lakes Market
- Median house price: $1,610,000 (up 2.2% on June, up 9.2% from July 2025)
- Sales volumes: 70 properties sold (down from 91 in June and 111 in July 2025)
Despite lower sales volumes, the annual price growth remains strong, reflecting continued demand in the region.
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Central Otago Market
- Median price: $850,000 (down 4.5% on June, up 3.7% on July 2025)
- Sales volumes: 26 properties sold (down from 34 sold in June and 56 sold in July 2025)
Sales volumes have decreased by just over half compared to this time last year, however the median sales price continues to trend up year on year.
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Wānaka Market
- Median price: $1,907,500
- Sales volumes: 24 sales recorded in May
- Average days to sell: 60 days
The Wānaka market remains steady, with the median house price continuing to rise in the region.
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Otago Regional Market
- Median price: $679,000 (down 3% on June, down 7% on July 2025)
- Sales volumes: 315 sales recorded in July (down from 348 sales in June and 402 sales in July last year)
- Average days to sell: 48 days (ten days less than this time last year)
Overall, the regional activity remains steady. Properties are selling slightly quicker than last year, but both sales volumes and median price are down compared to this time last year.
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The takeaway?
The local Queenstown market is definitely in a bit of a quieter patch right now, with less properties being listed and selling. Many vendors may be choosing to hold off to Spring, where we often see the “Spring surge”. The upcoming election, overseas conflicts and cost of living pressures all remain a presence and this could also be factoring into decisions for both buyers and vendors.
If you are looking to buy in the region, now is as good of a time as any due to the stable prices and less interest and competition from other buyers. It’s more of a buyers market right now, with buyers being able to pick and choose which properties suit their needs. In a month or so, local agents expect to see a wave of properties hit the market, and whether this generates more interest and competition is yet to be seen.
Keen to chat about buying a home or investment property? Get in touch with our Queenstown mortgage advisers. We know the region like the back of our hand and can step you through the entire process - from sorting your deposit, to purchase, and beyond.
Book your free chat with us today by calling 03 441 1307 or by booking online.
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Source: REINZ & Harcourts Wanaka