wine tours in Auckland NZ
The reality - I believe, is that very ... VERY wealthy people have invested in Queenstown long term and are quite happy to ride out the recession with their small change sitting here as a sleeper. There are houses here worth tens of millions of dollars, and Queenstown has always had the cachet of wealth with local home owners such as Shanaia Twain, Sam Neill, and Michael Hill.
Personally I would love to live in Arrowtown - a quaint historic village about 20 minutes north of the touristy bits. Local knowledge is crucial - there is a smog line, below which you don't want to live in winter (due to wood fires). Also, orientation to the sun is a major factor - to take in the best of winter's free sun energy and also to escape shadows from the mountains. There are some houses which are in shade for 4 months of the winter. Caveat Emptor, sez I.