Queenstown real estate market — prices, rental yield and trend

• Average price: $7,569 / m²
• Gross rental yield: 4.72%
• Net rental yield: 4.06%
• Transaction cost: 5.5%
• Price basis: local-market average

Residential property in Queenstown averages $7,569 per square metre. That makes it the 22nd most expensive of the 236 markets in the set.

What a buyer pays in Queenstown

The $7,569 figure is a local-market average across all residential property types: a flat in a prime district sits well above it, an older unit on the edge of the market well below. Buying costs — transfer tax or stamp duty, notary, registration and agency — come to about 5.5% of the price here. On a 100 m² apartment at the average price that is roughly $41,628 on top of the $756,870 purchase price. That is below the 10.3% median across the set, which shortens the time it takes for a purchase to break even.

What it earns

A square metre lets for about $29.8 a month. Against a purchase price of $7,569 per square metre that is 4.7% gross, before tax. Both figures come from the same source and the same period, so you can check the arithmetic yourself. It ranks 157th of 269 markets by gross yield. Rental income is taxed at 12.2–17.3% — the rate is not a single number here. That is the difference between 3.9% and 4.2% net on the same property. The 4.1% net figure we publish uses 14.1%.

How the tax works. Progressive with no tax-free band: rates start at 10.5% (the 10.5/17.5/30/33/39 scale in force since 1 April 2025) and the 30% bracket begins at NZD 53,500, which gives 12–17% across typical rent levels; there is no flat expense allowance. Non-residents file an IR3NR on the same scale. The interest-limitation and ring-fencing rules are irrelevant when there is no loan and no deduction. Source: ird.govt.nz.

Who can buy in Queenstown

Foreign purchase banned, with narrow exemptions. That is the rule a foreign buyer meets first, not legal advice — check the current position locally before you commit.

How this figure is built

The price figure for Queenstown is built from asking prices from listings. It was last refreshed on 2026-10-17. We rate our confidence in this market’s data low — treat the figures as indicative and check them before acting. We recompute every market the same way, which is what lets Queenstown be compared with a country average or another city.

Sources: Numbeo city page · numbeo.com. Snapshot: 2026-10-17.