Grant Parker is a business partner of Highland Real Estate Group Ltd, operating six Harcourts offices in Otago. With over 25 years of industry experience, he brings knowledge and expertise to New Zealand’s largest real estate network, and specifically hones in on Wānaka for the Wānaka Sun.
Wānaka. Some call me biased, but I believe it’s absolutely the jewel of the Southern Lakes and continues to be a hot topic around a dinner party table.
The conversations often revolve around property, remarking on its soaring values, the dream of owning a slice of paradise and for some, the increasing challenges of entering the market.
This week, TVNZ’s New Zealand’s Best Homes with Phil Spencer spotlighted an incredible local home and even more so, a wonderful story of a family’s long connection to Wānaka, a sentiment that resonated with so many we are often fortunate to work with.
Recent REINZ data paints a fascinating and somewhat complex picture of our local real estate landscape.
Two distinct markets are emerging, the town’s existing homes and vacant land (sections), each with its own story to tell.
Let’s start with established homes ("dwellings" in industry speak). The numbers reveal a robust market, albeit one experiencing a slight cooling.
Comparing August 2024 to August 2025, we see a significant surge in the median sale price, jumping from $1,350,000 to $1,580,000 — a substantial 17% increase.
This reflects Wānaka’s enduring appeal, driven by its access to its outdoor activities, exceptional lifestyle and growing national and now global reputation as a desirable place to live. The total sales volume has also increased in this period.
However, the story isn’t solely one of unbridled growth. Properties are taking longer to find buyers.
The median days to sell more than doubled, climbing from 40 days in August 2024 to 87 days in August 2025. This suggests a shift in the market dynamic.
Buyers have had the upper hand with the healthy level of properties available for sale.
Some perhaps facing affordability constraints or simply exercising more caution, have been taking their time to buy.
The increased time it takes to sell houses might also be a consequence of the rising median list price, which climbed from $1,250,000 to $1,550,000 in the same period.
It also indicates that sellers are confident about the value of their properties and are holding their line with their expectations.
Now, let’s turn our attention to sections, the raw canvas upon which Wānaka’s future homes will be built.
These statistics need to be approached with careful consideration, as the sales data lags and is released when the new developments sections are titled.
Placing the lag aside, we see price appreciation over time, but the undercurrents are slightly different.
The median sale price for sections increased by a notable 22.1%, from $565,000 in August 2024 to $690,000 in August 2025.
This underscores the relative scarcity of land released for development in our region and the continued demand for the opportunity to build a home.
Adding another layer to the wider Queenstown Lakes District’s dynamic is the anticipated change to the "golden visa" scheme.
While the details are still unfolding, the prospect of foreign investors being able to purchase New Zealand residential property once again is already generating a buzz.
We’re receiving increased inquiries from overseas buyers, some of those seeking prestige properties above the $5 million plus eligibility level.
For existing homeowners, the continued price appreciation is undoubtedly welcome news, enhancing their wealth and providing a sense of security.
However, for first-time buyers and young families, the dream of owning a home in Wānaka is challenging, although not impossible to overcome.
Downwards pressure on mortgage interest rates, increasing interest in co-ownership structures and eligible hopeful homeowners accessing the Queenstown Lakes Community Housing Trust programmes are all assisting to swing a dream of home ownership into a reality.
The Wānaka property market is a constantly evolving story.
It’s residents who enjoy the incredible location and incomparable lifestyle are continuing to actively share their thoughts, ideas, concerns and wisdom to shape a future where our town and community remain a vibrant and inclusive place for all.
Wānaka and its surrounding areas are simply a wonderful place to live.
