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Going, gone: This Myles Way home in Queenstown's Shotover Country sold at Bayley's mega-auction in May last year for $1.422 million

By PHILIP CHANDLER

A Queenstown mega-auction next month’s being touted as a ‘headlight indicator’ for the upcoming state of New Zealand’s property market.

The local Bayleys office is putting 27 residential properties on the block, including owner/
occupier residences, investment homes and sections, on February 12.

A parallel’s being drawn when the same office auctioned 21 properties last May.

As the first mega-auction in a regional centre following the Covid-19 lockdown, it was seen as a litmus test of the NZ market.

On that occasion, many were surprised by the prices achieved under the hammer — an early indicator of confidence not only in the region, but the whole residential sector.

‘‘Those people in particular who bought Queenstown property in the second quarter of last year when the market was flat and directionless, or who chose to ride out the turbulence of uncertainty, have certainly come out ahead of buyers who chose to adopt a ‘wait and see’
strategy,’’ Bayleys Queenstown managing director David Gubb says.

He notes feedback from property viewings ahead of next month’s auction shows Aucklanders and Dunedin/Southland buyers are looking for holiday homes in and around
Queenstown.

‘‘Looking through the portfolio of auction listings, there really is something for everyone at all price points — investors seeking returns, owner/occupiers looking for their next rung up the property ladder, and add-value opportunities.

‘‘Queenstown hasn’t had the spectacular capital value growth last year that other regions such as Dunedin have achieved, and time will tell whether 2021 will bring a renewed burst of growth for the town.’’

Next month’s auction’s being held at the Sofitel Hotel.

Meanwhile, Real Estate Institute of NZ figures show for the year ended last month, the median sales value for dwellings in Queenstown-Lakes, and surrounds, rose 8.2% from $970,000 to $1,050,000.

There were 117 Queenstown-Lakes sales last month compared to 85 in December ‘19.

scoop@scene.co.nz