I was really conflicted in writing this review, as this is an apartment with amazing highs and disappointing lows. The location is really unparalleled, with spectacular views over the lake and Remarkables. It is just a few minutes' walk into the center of Queenstown, with easy access to the gondola and all the shops and restaurants.
Juliet was a very helpful host. She manages the property for the owners, and was quick to respond when issues arose.
The upstairs layout is great, with a good-sized balcony and a kitchen that makes it easy to be part of the party while you cook. It was reasonably well equipped, with the kitchenware you would expect (although no cooking essentials like salt/pepper/oil). One bedroom is upstairs.
Three of the bedrooms are downstairs, and two of them are fine. The master bedroom has a small little deck with decent views over the lake (but mostly of the neighboring house's wall). The fourth bedroom however we found unusable. It feels very much like an afterthought, with no windows and a very musty, enclosed smell even after we were there for three days trying to air it out.
In general, we were disappointed with the level of cleanliness and maintenance of the house. Pots, cutting boards, knives were dirty, as was the BBQ (Juliet offered to send the cleaners back in, but we ended up just cleaning the items as we needed them). There was hair in the tub and on the wall (there is an enormous spa tub, but unfortunately the jets aren't hooked up). The washing machine leaked. (Juliet was very quick to call a plumber to come fix the issue when we reported it, but as there was a bucket in place to catch the leak already when we arrived, this was a pre-existing condition that someone already knew about).

If this house had been half or even three-quarters of the price, we would have given four stars and been overall satisfied with the experience - after all, the views are the best we have had on our whole three week trip through NZ. Given the ultra-premium price, however, we expected more.