Statistics from the Real Estate Institute of New Zealand (REINZ) show $43M of property was sold in the Upper Clutha in May, in another month of high prices and relatively low stock. 

Hannah Walker, co-founder and sales consultant at local real estate agency Proppy, said there was still a shortage of properties to sell in Wanaka. 

“Prices remain[ed] extremely high over the last month and buyers have been fighting hard to buy properties,” she said. 

Hannah said she was seeing signs that indicated price increases would continue in the Wanaka market.

Wholesale interest rates, especially those in the two and five-year ranges, have started to move “a little lower again”, a change from the slow increase of recent months, she said. 

“This could be good news for borrowers and could only accelerate purchasers’ ability to buy property if they can get finance. Therefore we remain of the opinion that while interest rates remain low, housing prices will continue to rise.” 

“Wanaka stock levels remain low, demand is still reasonably high so property seems to still be a very attractive investment.”

REINZ regional director Gail Hudson said buyer activity in Otago, and particularly in Queenstown Lakes, typically lifts in the winter months and she expected activity to be steady in the coming months.

International interest had also increased with the opening of the Australian travel bubble and enquiries from “across the ditch” were coming in.

Thirty-one properties sold in Wanaka during May, with 23 of them houses or apartments, seven sections, and one lifestyle block. 

A five-bedroom home on 4,000m2 on Aubrey Road went for almost $4M (at $3,900,000); at the cheapest end, a two-bedroom unit on Plantation Road fetched $425,000.

Sections started at $395,000 and went as high as $1,210,000 for a 1030m2 site in Clearview (Kirimoko Crescent).

The most expensive property, a 24.25 hectare lifestyle block on Ballantyne Road, sold for a whopping $5.4M

PHOTO: Supplied