Homes in the Gibbston Valley resort were selling for between $1.35m and $4.5m plus GST. Real Estate Institute of New Zealand chief executive Bindi Norwell said the market was very buoyant. Queenstown Lakes District had seen significant growth, despite how exposed to tourism it was. Median house prices in the region grew 14.2 per cent year-on-year in November from $950,000 to $1.085m, she said. There had also been an increase in the volume of property sold, around 3 per cent year-on-year. supplied Bindi Norwell, chief executive of the Real Estate Institute of New Zealand, says median house prices in the Queenstown Lakes region have risen 14.2 per cent year-on-year.