Hi – just wondering if anyone has any feedback on what the property market is like in Queenstown for investment purposes ? I have just been over there and it seems like the town is planning for steady growth – particularly as there is huge investment in the airport. Would appreciate any tips/advice/feedback on market over there ! Cheers.
have they actually started investing in the airport? no offence but they have been talking about it for at least 10 years so far… things happen slowly…
Queenstown is now the most expensive place in NZ to buy property, so it has certainly had a lot of growth there, all the celebs are buying up farms and having a holiday home in the area. Are you a celeb? you might fit in well :o)
sorry I’m being a bit pesimistic. The area’s largest industry is tourism and is literally a tourist mecca. I dont see that changing anytime soon. If they do ever upgrade that tiny airport then the growth could increase a lot. More tourists = more jobs = more people needing accomodation.
Are you looking for long term rentals or a holiday spot rented out by the week? you could charge a bomb in the ski season.
The airport here in Invercargill has just been upgraded as alot of you already know.
It is taking international flights when bad weather in Queenstown prevents landings there. Virgin has apparently been in negotiations to take up slots and fly direct into the city, however, there is alot of talk about this project at different times. We will wait and see what happens.
Cheers
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Renovations & Project ManagementDon Nicolussi | Mortgage Broker - Home Loan Warehouse
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Hi,i live here in Qt and the property market here like many places has seen huge growth.House prices are totally over inflated.Good sections with views etc are still reasonable but the high cost of building is the problem.Prices will flatten and might correct abit so i’d advise waiting for a while.We are going to have a glut of units and i was told the other day “the ass had fallen out of the unit market”by a real estate agent friend.So a few bargins might appear down the track.
The airport will only have minor upgrades, the facts are it is situated in a suburbian area and has flight restrictions after 5.30 pm, also a short runway limits the type of aircraft which can land.
A lot of money is still being spent around town, we have Jacks Point coming on which is a subdivison the size of Arrowtown and a lot of smaller ones.
The biggest problem to be answered in town is that of workers accomadation.People often can’t stay because rents are too high or there’s none available,then businesses suffer due to lack of staff.
regards QueenstownerApropos Queenstown, I’ve been here for the ski season in a property we bought half for lifestyle (think lord of the rings views every morning, walk to town!) and half because when we vacate, we can rent it for a 20 percent return. And yes it’s ‘worker’s accommodation’.
They are cheap too, under 75k. let me know if you want one as because I’m right on the spot I happen to know the owners who are selling before the real estate agents get their hands on them. However you won’t be able to get finance as they are a licence to occupy, and I went right to the top of the ANZ to find this out. Still. a great investment – even if rents stay the same for ten years (so doubt it because q’town is growing the fastest of anywhere in NZ – 76 percent in ten years predicted -) – you’d double your money and then have a nice little granny flat to plonk on the back of your gore section after (or whatever.)
Now if you want a freehold yield you can maybe get about a 7.5 percent, leased/rented to a head tenant for their workers accom – that’s the best deal i can find, it’s around 500k so get hold of me also if you want me to sign it up for you. last but not least I was recently trying to get 3 x 900k deals for 800k but the developer wouldn’t have a bar of it. they are all dreaming here, whatever you do don’t contact an agent because you will never get rid of them. they are absolutely the worst most crawling desperate agents here you have ever met in this country. They are whole other breed a bit like Sydney agents.
I agree with Q’towner, the apartment thing is gonna crash. if you are buying in Queenstown, I say, buy what is scarce! Cheap worker accom…20 percent returns…walk to town…under 100k. you can’t go wrong!
cheers-
Mini
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