The airport won the special purpose infrastructure category during the black-tie ceremony, attended by 800 local authority leaders, architects and engineers.
Property Council judges said they were impressed the design of the airport allowed travellers to "absorb the dramatic features of the surrounding landscape", while still providing a functional and flexible space designed for future expansion.
Chief Judge John Dunn said travellers were greeted by a modern facility utilising extensive glazing and natural light.
"Both the landscaping and external finishes respond to the natural environment."
Queenstown Lakes Mayor Clive Geddes said the redeveloped airport provided an "exceptional arrival experience" for travellers.
"As a gateway to the region, the residential community is justifiably proud of the airport."
The airport handled 599,000 domestic passengers and 54,000 international passengers in 2007 - up 22% from 584,000 and 44,000, respectively, in 2006.
The Queenstown Airport Corporation (QAC) approved a $31 million upgrade of the terminal and an extension of the terminal apron for international flights in 2004.
The airport was developed in four stages so that it could continue to operate during construction.
The first two stages involved the forecourt layout and the passenger arrival and departure areas at a cost $20 million.
The remaining two stages included the new ring road, extensive landscaping and parking spaces, increased to 700, plus noise reduction and a new bus pick-up area.
The floor area of the existing single-storey terminal was more than doubled and improvements were made to security screening areas, check-in, baggage handling systems, retail areas and lounges.
Helicopter and light aircraft charter operations were relocated to make better use of the available area.
