Skyrocketing Queenstown property market bounces back after Covid-19 losses

The Queenstown housing market has bounced back post-lockdown. Photo / NZH

The Queenstown property market has bounced back after huge losses during the lockdown last year.

OneRoof editor Owen Vaughan said in August last year, the median house price in the Queenstown-Lakes district was down 7.7 per cent.

Now the district is boasting a 6 per cent increase since the lockdown began.

The median house price currently sits at $1.15 million according to data from OneRoof, that is up from $1 million in December last year.

Vaughan said when Covid-19 struck, the district saw drops in property values of up to 20 per cent.

"Now it's back and has grown by 6 per cent in the last four months.

"They have clawed back the losses and is now ahead, its a really great comeback."

Vaughan said he thinks the increase is because confidence in the property market is coming back.

"People are buying and the momentum has come back. Lots of property markets around the country are still below where they were before the lockdown."

Data from OneRoof shows there were 369 settled sales in the district over the past six months.

The most expensive property sold was $8.3 million.