Queenstown Property Market Update – October 2025

The Queenstown property market continued to build momentum through October, fuelled by stronger buyer activity, increased confidence, and the energy that always comes with the spring season. With the region hitting a new record median house price, the market is showing more uplift than we have seen for a while.

BUYER ACTIVITY

First-home buyers, owner-occupiers, and investors were the most active groups this month, helped along by easing interest rates and a growing sense of urgency as spring listings hit the market.

Open homes were well-attended, which is typical for the region at this time of year, and we’re seeing strong engagement across most price brackets, especially homes that are priced realistically. Vendor expectations have stayed optimistic, with pricing hopes still sitting slightly ahead of current market conditions, however most vendors are happy to negotiate. 

Auction rooms have been busier too. Attendance and bidding activity have gained momentum each month, and clearance rates are improving.

LOCAL SALES INSIGHTS

Queenstown-Lakes

  • Median house price: $1,590,000 — a new record high
    • Up 4.6% from September
    • Up 15.6% from October 2024
  • Sales volumes: 121 properties sold, up from 101 in September and 115 in October 2024

REGIONAL SALES

Central Otago

  • Median price: $785,000
    • Down 3.1% from September
    • Up 6.1% year-on-year
    • Despite softer month-on-month performance, the region is still ahead of last year’s values.

Wanaka

  • Median price: $1,397,000
  • 44 sales recorded in October
  • Average days to sell: 79

Otago Region

  • Median price: $700,000
    • Down 1.4% from September
    • Down 1.7% year-on-year
  • 458 sales in October
  • Average days to sell: 39 days, 3 days faster than this time last year

THE TAKEAWAY

The Queenstown-Lakes market is showing healthy signs of growth and renewed market confidence after a quieter couple of years. Spring listings, active buying groups, and easing interest rates are driving a noticeable shift in momentum compared with previous months.

It’s an excellent environment for buyers, with plenty of choice and favourable borrowing conditions. For sellers, realistic pricing remains the key to securing strong interest, particularly while the market continues to warm.

Whether you’re looking to buy in Queenstown or Central Otago, now is an ideal time to explore your options. Book a free appointment with our Loan Market Queenstown mortgage advisers, and we’ll help you navigate your next property move with confidence and clarity.

Source: REINZ & Harcourts Wanaka


Published: 1/12/2025
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