Queenstown’s property market continues to stun with eye-watering prices put on some new properties.
A three-bedroom showhome at Shotover Country has been put on the market for close to a million bucks.
And single-bedroom apartments in a planned Remarkables Park development start at $415,000 - for just 45 square metres.
Veteran realtor Geoff Stevens (right), manager of the local Harcourts, says with Queenstown it’s pure supply and demand.
“We’re certainly in a very buoyant market - we have so much demand with little supply,” he says.
“The town is growing and people need houses to live in.
“But we’re constantly getting surprised where some of these prices have gone.
“Some we’ve achieved for our vendors at auction you think ‘wow, jeez, wouldn’t have picked that’.”
Stevens says the hot rental market’s contributing, with agencies screaming out for more properties on their books and investors buying for that purpose.
He thinks the Reserve Bank or government will step in to curb investors before the end of the year.
But he’s not convinced it’ll dent Queenstown’s market.
“Until that supply and demand is balanced, things will rock on.”
The advertising blurb for the Shotover Country house says it has a “great price of $995,000”, although you can’t move in.
The showhome will be leased back to builder Jennian Southland Ltd for 12 months. The building firm is advertising the property on Trade Me.
“This is an amazing opportunity to invest now, while property prices are still rising,” it reads.
Auckland realtor firm Don Ha is marketing 55 residential apartments off-plan in a new Remarkables Park development by Safari Group, next to the planned multi-million dollar Wyndham hotel.
Prices start at $415,000, rising to $669,000 for a deluxe two-bedroom apartment across 76sq m.
Construction is due to begin in January.