Queenstown property prices down, Wanaka slow but stable

A Queenstown apartment which was bought for $1.8m a year ago sold for $800,000 last weekend.

Over the hill in Wanaka an average of 30 properties change hand each month, in April there were only three sales. A real estate agent told us prices haven’t fallen yet, but there isn’t much on the market. Wanaka doesn’t usually have the same boom and bust property market as Queenstown but if someone has to sell prices will start coming down.

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