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Queenstown's real estate market statistically had shown itself to have "generally corrected and stabilised", Real Estate Institute of New Zealand (REINZ) Queenstown media spokesman Adrian Snow said.
The buoyant turn in the market from September had continued through October and November, with the rate of sales being more than 45 residential dwellings per month for the past three months.
However, the number of properties on the market remained low and most of the "bargain properties" had now sold.
"Choice for purchasers is often limited and is placing pressure on properly priced properties," Mr Snow said.
Although mortgagee sales were on the increase, no records of these were kept by the institute.
"Buyer confidence continues to grow with more buyers entering the marketplace, and decisions to buy in the market are now occurring within normal timeframes.
"Sentiment [among] agents is that properties below $500,000 are now enjoying a noticeable lift in sales value," he said.
In October, 45 sales of residential dwellings were recorded, with 46 in November, up 15% on the 40 in November last year.
Residential dwellings worth a total of $30,511,000 were sold last month, with sales of $3,014,000 in residential sections also recorded.
Five properties - two homes and three lifestyle blocks - totalling $7,275,000 were recorded in rural sales.
Mr Snow said the median sale price was "firming up significantly" at $560,000, with November 2005 the last November with a higher median, at $603,893.
The median number of days to sell was 43, which was "respectable" and what was expected as "normal" for Queenstown, compared with the median 80 days to sell recorded last November.
Combining rural and residential sales, there were five sales over $1 million, with the highest-value sale $2,775,000.
Arrowtown "appeared active", with 11 sales recorded last month.