ON LOCATION
Queenstown, South Island, New Zealand Where are we? On the shores of the South Island’s Lake Wakatipu and set against the dramatic backdrop of the Southern Alps is the city of Queenstown. It is one of New Zealand’s most popular tourist destinations thanks to its picturesque natural surrounds, stunning weather and endless opportunity for adventure. Queenstown is a mecca for commerce-oriented tourism, especially adventure and ski tourism, and is the number one location for year-round resort destinations. It is also a base for exploring the region’s vineyards and historic mining towns. The majority of jobs in Queenstown are tourism or accommodation related, and both population and employment growth have been amongst the highest in New Zealand. The resort town has an urban population of more than 28,000.
The Market: RE/MAX agent Brian McMillan has observed the Queenstown market move through its cycles over the past 13 years. Tourism and population growth have accelerated Queenstown’s property market with demand for property in the city exceeding supply. Mid 2018 saw Queenstown house prices hit a record median of $1.05 million NZD. Although the speed-of gains has slowed over recent months, the average gains show around 9.96% per annum when viewed across a 35 year chart. The region’s infrastructure and economic growth has also helped to bring on positive market figures.
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However, a very real shortage of homes suggests that prices are unlikely to fall in the near term. Dominating the buyers are out-oftowners, mostly from Auckland or Australia. For investors, strong rental demand plus growth pressures on housing stock makes for a healthy picture over the long haul.
The Lifestyle: Queenstown is arguably one of the most beautiful towns in the world, which may be in part what attracts people to the area. It is a place for adventure seekers and is a popular resort town that brings many
domestic and international visitors year-round. Skiing and snowboarding are popular activities during winter. Kayaking, rafting, bungee jumping the Nevis Swing as well as the many hiking trails surrounding the town offer plenty of places to explore and capture the stunning beauty of the region. Queenstown enjoys a very social lifestyle - there is always something on offer to explore or a new restaurant/ bar to try, and although the town shines during all four seasons, the peak seasons are winter and summer.
In Brian’s view: Without question, the dominant attractant to Queenstown is the environment and the lifestyle that many seek. However, the secondary feature that serves us well is the steady returns on funds invested in Queenstown property. For all its growing pains, Queenstown still retains an atmosphere and an attitude that ‘feels’ special, happy, relaxed and friendly. With its growth has come conveniences; shops and connectivity. Cheaper airfares don’t just bring folks in, but allows locals to travel too. After all my years here, I couldn’t think of a better place to live.
