The 45% confidence level, up on the 38% recorded in June, was "quite impressive really", managing director of the Otago and Southland business of Colliers International Alastair Wood said.
Recent events such as the downturn in tourist numbers in Queenstown following the Christchurch earthquakes, and a poor 2011-12 ski season, contributed to a dip in the confidence level, but Mr Wood said there had since been a steady improvement.
"It's coming off the back of a low and it's been improving ever since.
"This year, it's been a really positive year in terms of Queenstown and the economy and tourism which has flowed through to the residential market which, in turn, has flowed through to the commercial [market]."
He said banks were now more willing to fund safe, long-term leases and he highlighted the recent sale of the $6 million Warehouse at Remarkables Park, which attracted five contracts.
The Queenstown commercial property market had always been "tight", meaning there were not a lot of surplus properties, and that added to the optimism because of the likelihood of long-term leases, he said.
Queenstown's result was second only to Christchurch, which recorded a 54% result.
Respondents had the option of saying they believed the commercial market would get worse, better, or stay the same.
Nationally, the average result this quarter was 11%, meaning more respondents believed the situation would improve by the margin of 11%.
Meanwhile, the residential market has also remained strong. The sale of houses and apartments over winter was up 10% on the corresponding time last year.
The Queenstown sales report, prepared by Real Estate Institute of New Zealand spokesman Kelvin Collins, shows there were 125 sales for the three months beginning July, compared with 113 in 2011.
In September 2012, 42 dwelling sales were recorded, 10% up on September 2011.
Mr Collins said the median sale price of dwellings at $575,750 was significantly up on the preceding months and reflected greater activity at the upper end of the market.
Seven sales were for more than $1 million.
Agents were reporting good interest and it was noticeable many buyers who had been researching the market over the past year were now making decisions.
