Well-heeled investors are hunting for a bargain in Queenstown

Low interest rates are driving a turnaround in property values as average prices climb to 1.2 million dollars, after a seven percent fall from May to August.

But CoreLogic senior analyst Kelvin Davidson says it's helped by a shortage of listings, with investors making the most of a window of opportunity.

He says we may be seeing some bargain hunting from Aucklanders, and others, who've identified a good time to get into the market.