A severe earthquake has struck near Wanaka on New Zealand's South Island.

New Zealand website GeoNet has reported the strength of the quake at magnitude 6.0, however, US Geological Survey data indicated it was magnitude 5.6.

The epicentre was reportedly 30km northwest of Wanaka at a depth of 5km.

It occurred at about 2.30pm local time (11.30 AEST).

The epicentre of the quake was near Wanaka on New Zealand's South Island. (GeoNet) (GeoNet)

Buildings in Queenstown and Wanaka were swaying for several seconds during the quake, according to reports.

There are no reports of damage or injury yet.

The quake was followed by a less severe magnitude 3.5 aftershock several minutes later, local media has reported.

This is a breaking news article. More information will be added as it comes to hand.