Winter has arrived with our first snowfall this week. Frosty mornings followed by sunny days makes Queenstown a wonderful place to be right now.
Queenstown continues to thrive. Destination Queenstown reports that by February 2026, visitor numbers had surpassed pre-COVID levels. There's a real sense of energy in town—it looks busy, and it feels busy too.
National Sales Snapshot
Nationally, sales activity in 2026 has tracked in line with the same period in 2025, although May was 12% lower year-on-year. REINZ continues to describe the market as steady overall, with a cautious tone and some variation between regions.
The Reserve Bank's decision on 27 May 2026 to hold the OCR at 2.25% signals that the rate-cutting cycle has likely come to an end. This appears to be encouraging buyer activity, with many taking advantage of what is currently seen as an optimal interest rate environment.
However, ongoing cost-of-living pressures, including high fuel prices, along with the upcoming national election in November, are contributing to a degree of market uncertainty.
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Queenstown Sales Snapshot
Queenstown recorded 1,084 sales in 2025, the highest annual total since 2021, which saw 1,150 sales. Year to date, May 2026 has delivered 376 sales—just six fewer than the same period in 2025. Overall, the market remains active, with strong buyer engagement and vendors achieving solid results.
Across the wider Queenstown Lakes District (including Wānaka), listing levels are currently balanced—neither high nor low. There were 172 listings in May 2026, compared to a yearly low of 153 in June and a peak of 212 in April. At the current pace of sales, this equates to approximately 25 weeks of inventory.
The median house price in Queenstown sits at $1,526,250 for May, easing back from the 12 month high recorded in April of $1,765,000.
Median days to sell residential homes is at 47 days for May 2026, in line with the previous 12 months.
In summary the market is active, healthy with a high and stable median house price.
Adrian Snow
Principal Agent & Director AREINZ
*Report prepared on 18 June 2026. Data sourced from REINZ unless otherwise stated.