Wānaka Property Market Defies Northern Slowdown as Domestic Luxury Buyers Drive Volumes

Wānaka property continues to stand strong, defying the North Island slowdown with 41 house sales in May matching last year’s volumes and the median price climbing 7% to $1,550,000. Local market insight from our recent Info Collective event also revealed that domestic buyers overwhelmingly drive our high-end market, accounting for 22 out of 24 residential sales over $5 million in the past two years.

Debunking the foreign buyer myth

It was a full house at Ray White Wānaka last week for our latest Info Collective event focusing on the “Foreign Buyer Effect.” We took a deep dive into the impact of the recent Active Investor Plus (AIP) Visa on the top end of the market in and around Wānaka. What stood out was that, of the 24 residential house sales over $5 million in the past two years, only two buyers were internationally based, and both of those transactions were through Ray White. The remainder were all domestic based buyers, spread across the major centres and within Wānaka itself.

Steady volume and climbing values

In terms of May, it was another solid month of sales, with 41 house sales, exactly the same as May last year, and a median price of $1,550,000. This represents a 7% increase compared to last year, with one in four of these sales in May again completed by our Ray White team. Two apartment sales, nine sections, and three lifestyle properties round out the month.

While there has been plenty of media attention on a slowing market in the North Island, the South continues to punch above its weight. The Canterbury market is performing well, and of course, our local market here remains strong.