The values are updated every three years for All 32,604 properties in the district by independent valuers Quotable Value (QV) on behalf of Queenstown Lakes District Council.
They reflect the likely price a property would have sold for on September 1, last year, not including chattels.
Since the district’s last revaluation in 2021, the value of residential housing has increased by an average of 18.3%.
The average house value is now $2,035,732, while the corresponding average land value has also increased by 19.3% to a new average of $1,076,925.
QV South Island revaluation manager Melanie Halliday said the averages were heavily skewed by the upper end of the market, with the median house value in Queenstown Lakes being $1,610,000 and the median land value being $860,000.
"Rating valuations are like a snapshot of the market at a point in time.
"When these were last set back in 2021, the market was rising very quickly; that growth has continued but at much more subdued levels."
She said overall the market had been fairly stable since the beginning of 2024.
"There are varying demand levels within the market, with properties under $2m being the most in demand, and substantial growth continuing in the luxury home market.
"There was, however, some softness in the middle of those two markets on the back of high interest rates and a softer property market conditions elsewhere in the country.
"Queenstown Lakes District has seen continued population growth over the last three years.
"Market supply was particularly low through 2023, and while listing numbers have steadily increased through 2024, demand for this region remains strong."
Meanwhile, many of the same economic factors have also impacted the local commercial and industrial sectors.
QV urban revaluations manager Tim Gibson said commercial property was tightly held in the Queenstown Lakes District.
This was evidenced by continued rent growth and softening of yields for commercial property, resulting in an average 15.7% increase in commercial values, he said.
Industrial markets have also been in high demand, experiencing slightly larger average increases of 21.5% for capital values and 31.8% for land.
Since 2021, the average capital value of a lifestyle property has also increased by 28.7% to $4,386,000, while the corresponding land value for a lifestyle property increased by 27.7% to $2,713,000.
QV rural and lifestyle valuer Tim McCaw said the lifestyle market outperformed other sectors.
He said lifestyle property made up a smaller component of the market yet made up a large part of the luxury property market in the district, with around 2,157 lifestyle properties.
There were limited rural properties in Queenstown Lakes District, with about 300 in total.
"Queenstown Lakes District is typically impartial to the wider issues affecting the rural sector in New Zealand.
"This is due to these properties being influenced by a mixture of amenity values, lifestyle factors and development potential," Mr McCaw said.
The total rateable value for the district is now $74,502,570,990 with the land value of those properties now valued at $44,678,191,000.
Queenstown Lakes District Council will use the new values as the base for setting rates from July 1 this year.
Council assurance, finance, and risk general manager Katherine Harbrow said an increase in property value may not mean you pay more in rates.
New rating values would be posted or emailed to property owners from March 19.
Objections can be made by April 24.
— APL
