A police spokeswoman said emergency services were called to a Frankton Rd address at about 6.30pm on April 19, following a report of a person being injured in a fall.
She said one person was transported to hospital in a critical condition, where they remain.
Sergeant Simon Matheson, of Queenstown Police, told Lakes Weekly that initial inquiries revealed railing gave way on a third-floor balcony, causing the man to fall about 6 metres.
"We have no evidence that suggests that any person on the deck had any impact to the rail failing at this point in the investigation," he said.
The man was reportedly on holiday in the resort when the incident happened.
Police had spoken with the parties involved in the incident and were providing them with support.
The Queenstown Lakes District Council told the New Zealand Herald it extended its sympathy to the injured person, family, and friends.
"Council is liaising with police to support its investigation into the cause of the incident," a council spokesperson said.
"Council is addressing its own inquiries under the Building Act 2004 to assess building safety, and will undertake any action it considers appropriate in the circumstances to ensure this."
