- Average property values in Queenstown-Lakes surged nearly $100,000 to $2.13m, defying national trends.
- Luxury Real Estate New Zealand directors anticipate strong sales continuing into 2026, driven by lifestyle appeal.
- Economist Benje Patterson says Queenstown's market is resilient, attracting buyers from Australasia despite rising interest rates.
The housing market in Queenstown-Lakes left most of New Zealand in its dust this year, as house prices in the wealthy enclave reached new heights.
Start your property search
OneRoof house price figures show the average property value in Queenstown-Lakes jumped nearly $100,000 to $2.13m in the last 12 months, while average house values in Auckland and Wellington dropped more than $30,000.
And Queenstown-Lakes' market shows no sign of slowing either, as the pace of value growth over the last three months exceeded 2%.
Two of the top agents in the district told OneRoof that Queenstown’s property market was set for a spectacular summer, while an economics expert said it would take another Global Financial Crisis to put a dent in the district's house prices.
“We’ve seen robust demand for premium Queenstown and Arrowtown property for a number of years now," Luxury Real Estate New Zealand directors Terry Spice and Nick Horton told OneRoof.
“That’s likely due to the lifestyle appeal of the district, the quality of homes we have available here and the type of folk who are attracted to life in the mountains.”
The pair, who recently got $9m for a six-bedroom, five-bathroom trophy home on Edinburgh Drive, in Queenstown Hill, said they anticipated the year's strong sales activity to continue into 2026.
Discover more:
- Cereal king selling his Queenstown masterpiece for over $8m
- Overseas buyer snaps up crib for $4m, will likely demolish it
- Top dollar homes: Inside the biggest house sales of 2025
“Summer is always a busy time for us. Some people come and discover the region for the first time and want to be part of it, and, of course, holiday homeowners generally make the most of their property over this time.”
Spice said the agency had definitely seen a lift in serious enquiries in 2025, which had led to a strong crop of sales. “People are prioritising their lifestyle and leisure time, and there’s no better place to do that than Queenstown,” he said, noting that Australian buyers had been particularly active.
“They have really embraced the area as a premium holiday destination, along with New Zealanders either upsizing in the district, moving down from metropolitan centres and, in many cases, coming back to the country after a spell abroad with the resources to purchase something special.”
A luxury spread on Edinburgh Drive, Queenstown, blasted past its RV when it sold for $9m, including GST, earlier this year. Photo / Supplied
Horton said the inland areas of Dalefield, Arrowtown and Lake Hayes had performed well. “Many buyers are looking for the space and privacy that these homes offer," he told OneRoof.
“There’s no shortage of buyers wanting a stunning home with iconic Queenstown Bay views.”
Independent economist Benje Patterson, who lives in Arrowtown, said property prices in Queenstown began to climb sharply in 2021 when interest rates were around 2%. But unlike the rest of the country, prices didn't fall when interest rates were hiked in response to rising inflation.
“This has really been a period where Queenstown has confirmed to the rest of New Zealand that it’s different,” Patterson told OneRoof. “That it’s not actually part of New Zealand from an economic driver’s perspective.”
Patterson said Queenstown routinely attracted buyers from all across Australasia, not just locally or from around New Zealand.
Queenstown-Lakes' ski fields are a big drawcard, especially for Australian visitors. Photo / Getty Images
Independent economist Benje Patterson: “This has really been a period where Queenstown has confirmed to the rest of New Zealand that it’s different.” Photo / Craig Baxter
The district boasted spectacular scenery, ski fields, cycle trails, adventure tourism and top-notch hospitality and shopping. These made Queenstown-Lakes a perfect holiday home location, and a weekend destination for wealthy business-owners and entrepreneurs based in Auckland or Australia.
“I can ski before breakfast. I can bike after dinner, and I can have absolutely world-class hospitality because it’s got that visitor sector that enables 10-times the hospitality and other amenity that you’d normally expect of a place this size,” Patterson said.
Patterson said Australians viewed Queenstown-Lakes as part of a suite of playgrounds they had at their disposal. “We have multiple flights, multiple times a day to multiple destinations. If you get the wind right, it’s two-and-a-half hours to Sydney.”
He added: “Australians love to ski, and while some seasons are OK there, you go ski in Oz, you’re in the middle of nowhere. You ski here, it’s probably going to be more cost-effective, and the pre-ski is just off the charts in comparison. It’s where they can come to get their fix.”
Patterson said migration from Auckland was also driving demand, noting that Auckland was one of a small number of domestic property markets where homeowners had enough equity to buy in Queenstown, Arrowtown or Wānaka.
“We’re very closely connected to Auckland. There are peak days when you can have 15 direct flights to Auckland.”
He said Queenstown wasn’t immune to subdued times in the property market, but it would have to be a significant event such as the Global Financial Crisis in 2008 to burst the current bubble.
“But New Zealanders being a little bit scared to spend – that’s not something that puts our property market into a funk because we’re not reliant on those drivers.”
- Click here to find more properties for sale in Queenstown-Lakes
