No signs yet of heady Q’town property prices buttoning off

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By CASS MARRETT

Aucklanders looking to buy Queenstown property show no signs of slowing down, a Whakatipu realtor says.

REINZ regional director Gail Hudson says although interest coming from Auckland buyers has been ongoing for a while, it ramped up during lockdown.

‘‘I haven’t got proof of this, but the general thought seems to be from people down here, that people in Auckland, they can’t go anywhere else.

‘‘A lot of people can work from home — that was not viable before … and I think they see more value in lifestyle in this part of the world,’’ Hudson says.

In the latest REINZ monthly property report Hudson notes the Alert Level 4 lockdown increased on line inquiries, but offers slowed down.

She puts that down to prospective buyers’ inability to travel.

The report also shows Queenstown-Whakatipu median house prices reached $975,000 in August.

The Queenstown-Lakes median house price also increased 10.6% year-on-year, to $1,045,000.

Hudson says she doesn’t expect a huge spike in the market off the back of lockdown, but she also isn’t anticipating the market will ‘‘back off’’.

‘‘At present, there are buyers that are buying sight-unseen.

‘‘There’s really good inquiry coming from Australia as well as Auckland, and, of course, there’s inquiry and buyers coming from the rest of the country.’’

In the next quarter Hudson predicts prices will remain firm, as the number of listings remains low and more buyers enter the market.

‘‘I think anybody buying in this market can feel confident that they are buying property that is desirable to many, many people.

‘‘Whilst nothing stays the same, at present there’s no indication that prices will go
down in the near future.’’

cass.marrett@scene.co.nz