They say Wanaka is a buyers' market at present and the "crazy days" of 2003-04, when vendors cashed up humble baches and empty sections for hundreds of thousands of dollars, are unlikely to return.
Agents contacted this week were cautiously optimistic about the market, which has only recently rallied from January's low of 11 property sales.
February brought 22 sales in the Wanaka-Luggate-Lake Hawea area, while March drew 30. But there are fears the market could become sluggish again during the traditionally quiet shoulder season of May and June.
At the market's peak in 2007, about 90 agents were selling between 50-60 properties a month throughout the Upper Clutha district, but when the recession hit in April 2008, sales halved to about 25-35 a month.
New Aspiring Realty licensee and Locations agent Stephen Hughes said sales tracked along similar lines until last August, when they dropped to 17.
"That's when alarm bells went off ... That's when I thought 'bloody hell.' So we started talking to Ray White in mid-August last year. I thought it was crazy. There were too many companies. We could reposition ourselves by shrinking operating costs and rent on premises," Mr Hughes said.
Southern Wide Real Estate and Ray White have joined Locations under the New Aspiring Realty banner, First National has moved in with Infinity Group Ltd and Bayleys has merged with Lake Wanaka Real Estate.
Professionals, Harcourts, Edinburgh Reality, Southern Wide and PGG Wrightson are also in Wanaka and about 50 agents are actively selling properties.
The Easter weekend attracted more than 100 open-home listings and crowds of up to 40 at auctions, but buyers were not throwing wallets on the table.
Bayleys principal Mat Andrews said buyers perceived the market at or near the bottom, "But they are not going crazy. Things [prices] are certainly good, but they are at a realistic level," Mr Andrews said.
Bayleys had a good Easter. It auctioned one home - the former holiday home of convicted fraudster Michael Swann - for $550,000, another for $465,000 and secured a third contract.
Locations did not have not such a great time.
"We had three auctions in the weekend and three bidders ... None sold," Mr Hughes said.
The price correction had to happen, because if prices had kept rising, "who would come and live in Wanaka?" Mr Hughes asked.
"This correction, as far as value is concerned, is good. If it had carried on another year, a $500,000 home would be worth $750,000. You just can't have that. It becomes elite."
PGG Wrightson sales manager Ray Rudkin, who weathered the recession after the 1988 stock market crash, said making a sale depended on being honest about price expectations and remaining positive.
"I don't want to be doom and gloom. We do have to be cautious. I am not a ra-ra person ... We have to base expectations on facts and figures. If we can't get the price right, we won't get the buyers for them," he said.
First National general manager Stephen Jones reported good Easter business, with Southland farmers looking for holiday homes, which had not happened for a while.
The company now had four deals pending and hoped bargain hunters were waiting in the wings after Easter browsing.
Professionals licensee John Morgan said a property had been passed in at an Easter auction but a sale was now being negotiated.
"The signs were looking good but February 22 [the Christchurch earthquake] knocked things back a little bit. But the last few weeks there has been a definite increase in the number of inquiries ... I know there are lots of Christchurch people looking.
"I am hopeful May and June might improve because of this ... I think Wanaka got a little bit overcooked and we have to be a little more realistic."
