What's happening with Queenstown house prices?

Council area of Otago

Explore Queenstown's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs

Author: Ed McKnight

Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Reviewed by: Laine Moger

Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.

Last Updated: 3 Feb 2025

Copied

What's happening to Queenstown house prices?

The average price of a Queenstown property is $1,823,499 (CoreLogic, June 2024).

Quick Facts

The average price of a Queenstown property is $1,823,499 (CoreLogic, December 2024)
Over the last 3 months property prices in Queenstown have gone up 2.17%
Queenstown property prices increased 6.59% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
The average rent in Queenstown is $750 per week (Tenancy Services, November 2024)

How are Queenstown property prices changing?

Queenstown house prices soared after the Covid-19 pandemic began. House prices started out 33% below the eventual peak of the market.

Where is Queenstown in its property cycle?

At the absolute bottom of its property cycle, Queenstown was 22.95% undervalued.

Queenstown suburb prices

I track the value of 16 suburbs in Queenstown. The most expensive suburb is Arrowtown, which has an average house value of $2,379,450. While the most affordable suburb is Sunshine Bay, which has an average house value of $1,102,700.

Over the last 24 months of all Queenstown suburbs (June 2022 - June 2024, Sunshine Bay had the fastest-growing house prices. They have gone up 16.21% over that period.

The suburb that grew the slowest over that period was Arthurs Point. Property values in this suburb grew by 1.19% over those 2 years.

What is the Queenstown rental market like?

Here's how rents are changing in Queenstown. Over the last four years (November 2020 - November 2024) the median rent has gone up $230 a week. That's 9.59% a year (on average).

Are properties selling above or below CV in Queenstown?

One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”

Where do house prices grow the fastest in the Queenstown property market?

Where do house prices go up the fastest in Queenstown?

Which suburbs in the Queenstown property market have the highest yields?

Gross yields vary widely depending on which suburb you chose to investigate.

Other property markets to look into

If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Otago property market here.