Fortunately, no-one was trapped in the avalanche.
Real NZ media spokeswoman Jen Houltham said the incident had been declared over by 1.16pm because "no people were buried or hurt and all resources were stood down".
Treble Cone mountain manager Ewan Mackie said there had been a report of a backcountry avalanche and police co-ordinated a response "as per protocol".
"As a business, we are standing by to provide additional resources as required."
Otago Southland Rescue Helicopter managing director Graeme Gale said he had sent one of his helicopters to the scene but he did not know whether it was there to take injured people to hospital or to search for people.
Alpine climbing guide Chris Prudden, of Queenstown, said the area was not in ideal condition for back country skiing at the moment.
"Treble Cone's got a lot of grass underneath it, there's been significant snow loading with a lot of wind over the last few days, and it's either gone on a layer, or it's gone right to ground and slipped off the grass."
The New Zealand Avalanche Advisory said the mountains around Wānaka had "dangerous deposits of wind slab" in the back country at the moment, and said "careful terrain selection and a conservative approach" were strongly advised.
"If in doubt, remain on moderate angled, wide open slopes."
Despite the warnings, people still took that risk when they went out, Mr Prudden said.
There is a high risk of avalanches in many parts of the South Island at the moment, following heavy snowfall last week.
Dangerous conditions are present in Arthur's Pass, Aoraki/Mt Cook, Ōhau, Milford Rd, Queenstown, Wānaka and Mount Aspiring National Park.
