Queenstown luxury development opportunity

A large Queenstown landholding is up for sale ripe with immediate luxury lifestyle appeal and exceptional long-term development potential in one of Wakatipu Basin's most desirable locations.

The sale of the approximately 15.7 hectares of freehold land in a prestigious location at Speargrass Flat comes as Bayleys Real Estate research points to a striking “renaissance” in Queenstown’s luxury real estate market.

Spanning two adjoining freehold titles, the land for sale embraces a mix of gently undulating pasture, shallow valleys and elevated paddocks with views spanning a mountain panorama from Coronet Peak in the north to the Remarkables in the south.

Bayleys salesperson Sarena Glass said the upcoming sale was a compelling opportunity to secure a sizeable landholding in a blue-chip setting.

“Set in a ridgeline position along prestigious Speargrass Flat Road, this expansive landholding is tucked within one of the Wakatipu Basin’s most tightly held rural locations and presents an exceptional opportunity for future development.

“Accented by established trees and attractive landscaping, the property offers a sense of privacy and scale befitting exclusive rural-style living, while being within 10-20 minutes’ drive of central Queenstown and its airport, Arrowtown, Coronet Peak ski field, and the renowned Millbrook Resort golf course.

“Add in proximity to the Ayrburn precinct, Arrowtown’s new multi-venue food and wine neighbourhood, and this site has the ingredients for a truly unique and exclusive lifestyle in a stunning setting,” Glass said.

Zoned within the Wakatipu Basin Lifestyle Precinct under the Queenstown Lakes District Plan, the land for sale is well suited to subdivision into premium lots, lending itself to the creation of a high-quality lifestyle development. Two council-registered building platforms and 10 water connections at the property’s entrance offer a start, providing convenience and flexibility from the outset.

“The property is accessed via an elegant stone-walled entrance and a mature, tree-lined driveway along the western boundary, immediately establishing a strong sense of arrival and privacy – ideal for a future gated lifestyle estate,” Glass said.

The property at 5-7 Speargrass Flat Road is being offered for sale through Glass, and colleague Sarah McBride, of Bayleys Frankton. It will be sold by deadline private treaty closing on Wednesday 1 April, unless sold prior.

McBride said future development prospects were underpinned by a local economy that is outperforming the national average, driven by surging international tourism and aggressive infrastructure development.

The Queenstown Lakes economy grew by an average of 5.2 percent per annum over the decade to 2025, compared with 2.5 percent nationwide, according to Infometrics economic consultancy.

Housing demand is soaring on the back of one of the country’s fastest growing populations, while international visitors spent $73 million in Queenstown Lakes in January 2026, up from $67 million the year before.

"Queenstown is undergoing unprecedented infrastructure expansion to sustain its fast-growing population. With an estimated $3 billion to $4 billion earmarked for housing, transport, tourism and essential service projects through 2035, the area is positioning itself for long-term success.

“This massive investment is a vote of confidence in long-term growth, presenting fertile ground for forward-thinking developers and investors," McBride said.

The Speargrass Flat land goes on the market as new Bayleys Real Estate analysis points to a renaissance in Queenstown’s luxury real estate market.

The area's luxury segment has shown remarkable resilience and growth, according to the Bayleys report. Nearly one in every five New Zealand properties priced at $5 million or more are now located in Queenstown, with sales in this “ultra-prime” bracket rising by 21 percent in the district between 2021 and 2024.

“This divergence speaks to a fundamental shift in buyer behaviour at the ultra-high end of the market. By September 2025, interest in ultra-prime homes had increased fourfold, with the Otago region accounting for one in three such inquiries nationally,” the report said.

McBride said Queenstown's luxury market was projected to continue its upward trajectory.

“This flourishing market and wider economic expansion will add to developers’ confidence that the demand is there for outstanding lifestyle sites ripe for the creation of beautiful high-end architectural homes,” she said.