The ski season has entered its spring finale, with the first of the region's ski fields beginning to close. Treble Cone brings its season to an end this Sunday, signaling the gradual wind-down of another successful winter.
The warmer spring weather, combined with the final school holiday period, has delivered one last influx of visitors to the slopes. Despite some variable weather throughout the season, reports suggest it has been a strong winter overall, with consistent snowfall providing skiers and snowboarders with plenty of opportunities to enjoy the mountains.
Another seasonal highlight, the Snow Machine music festival, has also wrapped up after attracting an estimated 7,500 visitors to Queenstown, the majority travelling from Australia. It was fantastic to see the town buzzing with energy and activity, with local businesses benefiting from the festival's significant contribution to the visitor economy.
Queenstown continues to showcase its ability to attract visitors beyond the traditional peak periods, reinforcing the strength and resilience of our local tourism sector.
National Sales Snapshot
Key August 2026 Statistics New Zealand
REINZ data for August 2026 reinforces a picture of relative stability in national prices over recent months, even as sales activity slows and regional performance continues to diverge – particularly between the North and South Islands.
The level of activity was notable, with the national figure of 5,430 sales making this the sixth-lowest August in 35 years of REINZ records. Properties took a median of 51 days to sell – three days longer than in August 2025 and the fourth-highest August figure on record.
Queenstown Sales Snapshot
Key August 2026 Statistics Queenstown Suburbs
The Queenstown residential market continued to show signs of moderation during August. The median days to sell remained elevated at 52 days, while the median house price rebounded by $225,000 from the previous month to $1,550,000. Despite this recovery, the median price remains approximately $150,000 below the record high of $1,700,000 achieved in January 2026.
A total of 39 residential sales were recorded during August, an unusually low figure for the district. Excluding the traditional holiday month of January, it is the lowest monthly sales volume recorded since June 2024.
The combination of longer selling periods, sales volumes well below normal levels, and median pricing sitting below recent highs suggests the market has eased from the exceptional growth experienced over recent years. While values remain resilient overall, there appears to be a degree of caution among both buyers and sellers.
July and August sales activity was noticeably quieter than expected, even allowing for normal seasonal trends. Encouragingly, September has brought a marked improvement in enquiry levels, with increased activity from both homeowners considering selling and purchasers actively assessing opportunities in the market.
We are also beginning to see greater interest from Australian buyers, a trend that many commentators anticipated following recent changes and discussion surrounding Australian superannuation investment settings. Whether this develops into a significant source of future demand remains to be seen, but the early signs are positive.
Looking ahead, November's election is expected to introduce a degree of uncertainty into the market. While it is too early to draw firm conclusions, the unusually low August sales volume may reflect some buyers choosing to delay decisions until there is greater clarity on the political and economic outlook.
Overall, the market remains balanced, with quality properties continuing to attract attention, but purchasers are taking more time and approaching decisions with greater consideration than was evident during the peak of the market cycle.
Adrian Snow
Principal Agent & Director AREINZ
*Report prepared on 24 September 2026. Data sourced from REINZ unless otherwise stated.