Wānaka reached a record median house price of $1,193,000 last month.

Information from the Real Estate Institute of New Zealand (REINZ) showed this was a 26 per cent year-on-year increase.

The figure also exceeded the Queenstown Lakes District’s median house price, which reached $1,045,000, an increase of 10.6 per cent year-on-year.

REINZ regional director Gail Hudson said the lockdown had increased online interest and briefly slowed down offers, but “many are expecting the property market to recover promptly with the arrival of the warmer months.” 

“Once Auckland’s alert levels have eased, there should be further growth in out-of-town buyer enquiry and a busy few months ahead.”

Hannah Walker, co-founder of local real estate agency Proppy.co.nz, said August remained busy.

“...we have had numerous successful online auctions with buyers from all over New Zealand participating.”

Hannah said she was interested to see where prices will go after hitting the new high, but she predicts they will keep rising.

Mortgage rates have stayed low due to the Official Cash Rate (OCR) being put on hold and Hannah says this has “added petrol” to the hot market.

“Online auctions are being brought forward by buyers trying to beat the market and there is still a frenzy in the air for Wānaka property,” she said.

The sale of a bach on Beacon Point Road for more than $2.1M earlier this month made headlines around the country. 

Gail said the number of first home buyers in the region have continued to decrease as the median house price exceeds $1M and access to affordable property becomes more difficult.

The least expensive house sold last month cost $731,000 and the priciest went for $3.3M; while sections started at just under $252,000 and went for as much as $1.2M. 

Hannah recommended people buying in Wānaka at the moment should “get their ducks in a row, speak to mortgage brokers and do your due diligence fast.”

PHOTO: Supplied