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Steamy price: This Jack's Point home, listed by Harcourts Queenstown's Hamish Walker, sold at auction this month for a heady $2.8m

By PHILIP CHANDLER

Jack’s Point’s arguably Queenstown’s hottest property market with 20 to 30% price rises this year alone.

In March, a record $2,320,000 was paid for a house in Buckler Court.

Last month that was easily surpassed by a $2.9m sale in McKellar Drive, followed closely
by a $2.8m sale at auction in Caithness Court this month.

And where sections fetched $450,000 to $550,000 early this year, they’re now going for
$700,000 to $800,000.

‘‘It’s probably the hottest suburb in Queenstown,’’ local Tall Poppy business partner Ron
Blunden says.

Going by comparative sales, he says a client he’s been talking to since January about listing there has probably seen his property’s value jump from about $2m to almost $3m.

Asked what’s behind the boom, he points to the area itself, its larger section sizes, the imminent opening of the nearby Hanley’s Farm primary school, the Jack’s Point Village development commencing — ‘‘it will be more self-contained with retail and commercial areas, restaurants and cafes’’ — and its proximity to Frankton and the airport.

Building costs are also rising — in Jack’s Point they’re a bit dearer due to design covenants — to $3500 to $4000 per square metre, Blunden says.

‘‘You are looking at around $1.5m to build at Jack’s.’’

Harcourts Queenstown agent Hamish Walker, whose vendor achieved the $2.8m price at auction, ‘‘with half-a-dozen-plus bidders’’, says ‘‘there’s a huge demand at the moment to get into Jack’s Point’’.

Aucklanders, in particular, are lining up.

‘‘I’ve got at least a dozen couples on my books trying to get into Jack’s Point, ranging from
couples in their mid-to-late 30s who just moved back to New Zealand after working in Singapore, to families who want a holiday home, to people looking to move here in five or six years but they want to buy now.’’

Walker believes there’s room for still more value growth — ‘‘there’s nowhere in the world like it when you’re directly under the Remarkables’’.

Local Bayleys sales consultant Grant Coburn agrees.

He says the attitude of the buy er who paid the then-record $2.32m was, ‘‘what will it be worth in one or two or 5 or 10 years’ time?’’

‘‘It’s going to be worth more than it is now.’’

He’s aware of a Jack’s Point section recently selling for a record $1.1m.

Coburn has two theories on why prices are going through the roof.

‘‘There are a lot of expats who have come home and they probably don’t want to stay in their old home town.

‘‘They’re cashed-up, and a lot of them don’t need jobs, and they’re going, ‘Queenstown, best place in the world, we’re coming here’.’’

Having the Hanley’s Farm school opening next year is also a ‘‘significant trigger’’, Coburn
believes.

‘‘Exactly the same thing happened with Shotover Primary School.

‘‘Houses were $500,000 to $600,000 [at Shotover Country], then when the school was getting closer to getting finished, all of a sudden they were $800,000 and $900,000.’’

Local NZ Sotheby’s International Realty agent Gerard Bligh, who last month brokered the
record $2.9m sale alongside colleague Hadley van Schaik, says buyers appreciate being able to buy a modern Jack’s Point home on a decent-sized section for between $1.5m and $2.5m — ‘‘this looks especially good buying for Aucklanders who might be coming from older homes’’.

‘‘We have recently sold several iconic Jack’s Point properties for strong sale prices, and these were homes that were architectural builds or were located on particularly good sections.

‘‘We anticipate before the end of the year some of the more premium homes in Jack’s Point
could hit or exceed $3m.’’

scoop@scene.co.nz