Queenstown, New Zealand

QUEENSTOWN NEW ZEALAND Destination – Lifestyle – Opportunity

Accelerating success

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Q U EE NSTOW N , NEW Z EAL AN D The Southern Hemisphere’s premier resort destination and truly the jewel in the crown of New Zealand tourism. Through each of our four distinct seasons, Queenstown offers visitors and residents unique experiences.

Surrounded by majestic mountains and nestled on the shores of crystal clear Lake Wakatipu, Queenstown is world famous for its breathtaking scenery and vast range of unique experiences.

As New Zealand’s fastest-growing town, unprecedented population and economic expansion has attracted global interest and investment. Be part of this exciting evolution.

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A BR I E F HISTORY OF QU EEN STOWN S O MU C H MO R E TH A N A TOW N BESIDE A L AKE , Q UE E N STOW N H A S PACK E D A LOT IN TO JUST 160 YEARS

1856

The first European views Lake Wakatipu and her sentinel mountains

1860

William Gilbert Rees starts farming

1862

The Gold Rush begins

Early 1900’s Tourists first attracted by the scenery and summer walking trails

1912

TSS Earnslaw launched on Lake Wakatipu. The ‘Lady of the lake’ is still running today

1926

Kawarau Falls dam becomes operational

1947

Coronet Peak Ski area opens

1960

Commercial jet boating starts in Queenstown

1974

White water rafting comes to Queenstown

1988

World’s first Bungy jump is in Queenstown

2018

More than 200 adventure activities now on offer.

Queenstown is a global icon as a tourism destination, for property investment and as a luxury retreat

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#1

2 5, 557 Resident Population

Million Visitors Annually

200+

$ 2.2 b

1

Destination New Zealand (Trip Advisor)

Activities and Experiences

Visitor Spend

3

International Airport

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4

1 50 +

1 20 km

Distinct Seasons

Restaurants, Bars & Cafes

Walking and Cycling Trails

4

5

4 th

World Class Golf Courses

Ski Fields

Friendliest Place in the World (Conde Nast)

QUEENSTOWN ,

BY T HE NUMBERS

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W HE R E THE WORLD CO M ES TO PL AY Whether you enjoy high-octane activities, nightlife, award-winning restaurants, wine tasting, mountain biking, decadent spas, cafe culture, skiing, eco-tourism, golf courses or simply the tranquility of the landscape, Queenstown has you covered.

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As the birthplace of world-first innovations like jet boating and bungy jumping, there's no better place than Queenstown to challenge yourself.

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1000 THRILLS TO BE HA D IN THE ADVENT URE CAPITA L OF T HE WORL D

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S PR I NG DATES 1 September to 30 November TEMPERATURES Between 8째C and 22째C (48째F and 75째F) WEATHER Crisp mornings, lots of sunshine and the occasional spring shower

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W I N E LOV E R 'S PARADISE With over 200 wineries in the Central Otago region, Queenstown has developed a reputation as a world class producer of Pinot Noir.

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S U MME R DATES 1 December to 28 February TEMPERATURES Daytime temperatures between 20째C and 30째C (70째F and 90째F) WEATHER Long, sunny days

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H OME OF THE NZ OPEN With four world class golf resorts, the only difficult decision is where to play next.

Distances from Queenstown Frankton Golf Centre 7km / 8 mins / Par 30 Queenstown Golf Club 15km / 21 mins / Par 72 Jack's Point 16km / 22 mins / Par 72 Millbrook Resort 19km / 20 mins / Par 72

The Hills 20km / 21 mins / Par 72 Arrowtown Golf Club 20km / 21 mins / Par 70 Kingston Golf Club 47km / 40 mins / Par 72

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AUTUMN DATES 1 March to 31 May TEMPERATURES Between 0째C and 25째C (32째F and 77째F) WEATHER Clear, settled days with cool evenings

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CO LOUR I N T HE HILLS Autumn is one of the locals’ favourite times of year, with the red and gold hillsides coming to life in a dramatic show.

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W I NTE R DATES 1 June to 31 August TEMPERATURES Between -5째C and 10째C (23째F and 50째F) WEATHER Frosty mornings, clear blue skies, snowfall and cold temperatures

From June to September each year the region transforms into a winter wonderland, attracting snow lovers from around the world with its stunning snowcapped mountains, crisp blue-sky days, easy access to four ski areas or a Nordic snow park, and range of events.

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FOUR WORLD CL ASS SKI F IELDS

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GATEWAY TO WORLD HERITAGE AREAS Ten of New Zealand's 14 National Parks are situated on the South Island, many within just a few hours drive of Queenstown. The town forms a natural gateway to one of the most renowned – Fjordland National Park. The country's largest National Park, rocky cliff faces plummet into deep fiords, gushing waterfalls carve out incredible shapes; New Zealand at its most raw and dramatic. If you prefer to get active whilst appreciating the landscape, three of the country's Great Walks are a short drive away.

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LONG-HAUL ROUTES As the gateway to the lower South Island of New Zealand and its wealth of attractions, Queenstown is easily accessible by both air and road. Global connections via Auckland and Christchurch open up the country with flights from Australia, South East Asia, North and South America and some Middle Eastern states.

Beijing

Seoul

Tokyo

Shanghai Guangzhou

Hong Kong

Singapore

Brisbane Gold Coast Sydney Melbourne

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Approximate flight times to New Zealand

3

hours

AUSTRALIA

23

hours

AFRICA

12

hours

ASIA

25

13

hours

USA

13

hours

SOUTH AMERICA

hours

EUROPE

Vancouver

San Francisco Los Angeles Houston

Buenos Aires Auckland Wellington Christchurch Queenstown

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L EA D I NG THE WAY A place with a truly global reputation and attraction, Queenstown is so much more than an average kiwi town. Economic indicators tell a clear picture of the trajectory, particularly when compared to national averages. As the fastest-growing town in the country, it doesn’t matter which way you look at it – Queenstown is booming.

Queenstown Lakes District The local economy at a glance 2017 GDP growth

Employment growth

Population growth

Business unit growth

Tourism growth

0

1

2

Queenstown Lakes

3

4

5

National Average New Zealand

6

7

8

%

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IN V ESTI NG FUNDAMENTALS For investors, the fundamentals of buying property in New Zealand are sound. There’s no stamp duty, capital gains tax is minimal and subject to specific timeframes, titles are government guaranteed, and the country is politically, economically and socially stable, with excellent healthcare and infrastructure.

Without doubt one of New Zealand’s most sought-after investment destinations, property investment in Queenstown takes a multitude of forms. The huge demand for accommodation combined with economic, infrastructure and population growth forecasts and record low interest rates have attracted investment from all over the world.

Queenstown Lakes District Council predict a need for an additional 9,158 dwellings across the district by 2028, rising to 17,426 by 2048.

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M A R KE T R EVIEW & OUTLOOK

OVERALL TRENDS: Next 18 months

Colliers International’s Market Review and Outlook 2018-2019 covers our key projections for the Queenstown property market.

Continuing increase in tourism numbers

The content is prepared by Colliers International's expert team of valuation and advisory professionals who have vast experience in the property market across the Otago region.

We welcome your feedback on this report – please get in touch if you have any comments.

Shortage of visitor accommodation at peak periods

KEY TRENDS Unprecedented growth in tourism and related investment, infrastructure development, economic growth, low interest rates and increased construction activity are underpinning values in the Queenstown property market. Demand exceeds supply across the board and some sectors, including rental housing and visitor rooms, remain in high demand.

Construction boom continuing

Cost of construction squeezing commercial developers and residential section buyers

Nil vacancy in prime commercial property keeping rents high

Please note: all $ value are in New Zealand Dollars

Queenstown high value housing setting new records

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QUEENSTOWN PROPERTY MARKET OVERVIEW Unprecedented growth in the tourism sector, which currently shows no sign of abating, is sustaining the Queenstown property market. Coupled with strong domestic migration flows driven by the lure of a long term lifestyle change, these factors have combined to create a strong local economy, growth in new jobs and associated high demand for residential, commercial and industrial property as well as visitor accommodation.

The extremely strong tourism market providing a catalyst for ongoing high demand for property, as well as underpinning continued construction activity.

The key factors driving property market growth are still strong and will continue to sustain property values in the short term. These factors, discussed in more detail, include: • • • • • •

Tourism growth Economic growth Low interest rates Population growth Infrastructure development Commercial construction activity

INVESTOR CONFIDENCE HIGH Investors remain highly confident in both the commercial and residential property sectors in Queenstown and we expect this trend to continue. Chronic supply constraints and extremely high demand in many areas of the market are encouraging investors to remain active. Commercial property investor confidence in Queenstown has led the country for the past three years, with confidence at consistently higher levels than all other property hotspots including Auckland and Tauranga/Mt Maunganui, according to Colliers International's quarterly Commercial Property Investor Confidence Survey.

Commercial property investor confidence was at a net positive 60% in June 2018.

Queenstown also continues to lead the country in Colliers’ Residential Property Market Outlook Survey, with confidence also at a net 69% positive for the June 2018 quarter.

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TOURISM GROWTH Queenstown’s tourism boom is continuing to strengthen.

Hotel and motel occupancy rates and tariffs remain at historic highs and more visitor beds are needed, with accommodation regularly reaching full capacity in peak seasons. The advent of Airbnb in private homes has catered for overflow to date. However, more hotel supply is required to address the supply/demand imbalance.

QUEENSTOWN TOURISM GROWTH Queenstown Regional Tourism Organisation (RTO) area

3.6

m

3.0

%

T O TA L G U E S T NIGHTS, YEAR TO MARCH 2018

2.2

bn

VISITOR SPENDING, YEAR TO MARCH 2018

14.0

%

GROWTH IN AIRP O R T PA S S E N G E R MOVEMENTS SINCE MARCH 2017

GROWTH IN GUEST NIGHTS, YEAR TO MARCH 2018 C O M PA R E D W I T H PREVIOUS YEAR

2.1

m

QUEENSTOWN A I R P O R T PA S S E N G E R MOVEMENTS, YEAR TO MARCH 2018

3.2

m

FORECAST AIRPORT PA S S E N G E R MOVEMENTS, 2025

Source: Stats NZ Commercial Accommodation Monitor March 2018, Queenstown Lakes District Council, Queenstown Airport, MBIE Regional Tourism Estimates

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WA K AT I P U WA R D * P O P U L AT I O N G R O W T H Q U E E N S T O W N ' S R E S I D E N T P O P U L AT I O N I S E X P E C T E D T O ALMOST DOUBLE IN THE NEXT 40 YEARS

25,557

RESIDENT P O P U L AT I O N 2 0 1 8

32,627

PROJECTED RESIDENT P O P U L AT I O N 2 0 2 8

49,374

PROJECTED RESID E N T P O P U L AT I O N 2058

Source: 2018 QLDC Growth Projections, Infometrics.

ECONOMIC GROWTH

L O W I N T E R E S T R AT E S

P O P U L AT I O N G R O W T H

Tourism’s contribution to the Queenstown Lakes District’s economy is immense, making up 33% of the district’s total GDP in 2017.

With this extremely strong contributor, the Queenstown Lakes economy is booming. GDP growth in the district was 8.1% in 2017, compared with 3.6% for the whole of New Zealand

The ongoing low cost of borrowing is a strong contributing factor to the very positive medium term outlook and is likely to remain as a major driver of the Queenstown property market

Queenstown Lakes District is the fastestgrowing district in New Zealand. The usuallyresident population in 2018 was 25,557 and the population has grown by nearly 5% each year on average since 2013. This compares with national annual population growth of around 2%. The population is expected to continue to grow faster than the national average, providing a very strong long-term demand driver for the property market

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INFRASTRUCTURE DEVELOPMENT

Queenstown’s rapid pace of growth has left local and central government scrambling to address infrastructure issues accross the district. In its draft 10year plan, Queenstown Lakes District Council (QLDC) proposes nearly a billion dollars worth of capital works over the next decade. Projects recently completed include the Hawthorne Drive (Eastern Access Road) extension, Wakatipu High School and the new Kawarau River bridge.

Skyline’s $100 million investment into replacement 10-seater gondola cars, a new base terminal building and a major expansion of its upper restaurant complex to seat up to 650 people and cater for large functions and conferences IFly indoor skydiving simulator currently under construction, expected to open June 2018 Hotel developments (detailed later in this report)

COMMERCIAL CONSTRUCTION ACTIVITY

Infrastructure development proposals include: • A new primary school (site being purchased by MOE) • Expansion of Wakatipu High School to increase capacity from 1,200 to 1,800 students • Shotover waste water treatment plant • A $385m upgrade of the town centre (see boxed text) • A loan of $50m from the government’s Housing Infrastructure Fund to QLDC for the establishment of infrastructure to develop up to 3,000 new homes in Ladies Mile, Frankton and Kingston

Commercial construction continues apace, with Frankton the scene of major activity. Notable commercial developments, either currently underway or proposed, include: Queenstown Central 10,000m² of retail and 4,500m² of office space in Frankton Porter Group’s conference centre at Remarkables Park and gondola to The Remarkables ski area Queenstown Airport considering options as part of its 30-year master plan, including a new partial heavy parallel taxiway, terminal extensions or a potential new terminal

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RESIDENTIAL PROPERTY MARKET OVERVIEW

Residential property in Queenstown is still in extremely high demand, with limited supply keeping sale prices at strong levels. New rating valuations announced in July 2017 show the total capital value of properties in the Queenstown Lakes District has almost doubled in three years. However, market sentiment in Queenstown is moderating and sales volumes have levelled off from the highs of 2016. At the same time, long term rental rates have stabilised.

QUEENSTOWN LAKES DISTRICT Section Prices

$500,000 MEDIAN PRICE YE APRIL 2018

$227,000 MEDIAN PRICE YE APRIL 2013

17.1%

ANNUALISED GROWTH Source: Colliers International Queenstown

Housing is in very short supply in the Queenstown Lakes District.

Under QLDC’s current growth projections there will need to be an additional 9,158 dwellings district-wide by 2028, rising to 17,462 by 2048.

MAJOR UPGRADE FOR QUEENSTOWN TOWN CENTRE QLDC councillors and staff are busy planning $385m of upgrades aimed at revitalising the Queenstown town centre, to be rolled out over the next 35 years. The unanimously-approved plan includes a new $140m town centre bypass road from Melbourne St to the One Mile roundabout, parking buildings, a transport hub and a new $41.5m council building as part of a 'civic heart' precinct in the town centre. The Man St bypass project will present significant challenges including sewerage and stormwater upgrades.

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T he 1 , 000m² T win Peak View h ouse (p ic tu r e d ), at Wy u n a P r e s e r ve n e ar Gl e n o r ch y, o n th e m a rk et f o r $3 3 million, is be lieved to be th e th ird mo s t e xpe n s i ve pr i vate r e s i d e n ce e ve r l i s te d i n N ew Z e a l and . T he house wa s built f or an over s e as cl i e n t.

SECTIONS TRENDS

• High price expectations among developers and vendors • Section owners increasingly delaying development of their properties due to high construction costs • High demand for sections priced at market level, with sales slowing for sections where pricing is perceived as too high • High construction costs closing profit margins for buyers looking to build and sell • Turnkey build solutions more attractive to buyers and lenders in the current high construction cost environment • High demand for sections coming up against restricted supply, with developers holding significant parcels of residential-zoned land but delaying bringing projects to market • Section values may stabilise and possibly fall if consents for high density subdivisions are obtained

CASE STUDY: Sections 7 H a ckett Roa d , J a cks Poin t Size: 853m² Purchased: July 2015, $270,000 Sold: May 2018, $559,000 Annualised Growth: 29.3%

2 H ea d l ey D rive, Sh otover C ou n try Size: 659m² Purchased: March 2016, $320,000 Sold: March 2018, $435,000 Annualised Growth: 20.2%

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HOUSES

CASE STUDY: Dwellings

TRENDS

• New housing supply quickly absorbed • Longer sales timeframes becoming more common for homes priced over $1m (sub-$1m property still selling fast) • Prices still high in central Queenstown, with precedent-setting sales still occuring • High demand for properties with ‘home and income’ configuration, with the supplementary income giving buyers increased confidence to take on mortgages. However, buyers should be aware that rents have now levelled off in some subdivisions and pockets of rental oversupply may begin to emerge • Sales methods such as price marketing and deadline sales becoming favoured over auctions, with clearance rates under the hammer having weakened • Increase in the average number of days to sell • Older homes more difficult to sell, with buyer preference for new stock • Outlying towns benefiting from people becoming priced out of Queenstown

WA K ATI PU RES ID ENTIAL SAL ES VO LUM E 1,200

QUEENSTOWN LAKES DISTRICT

$1,152,500

1,000 900 Sale Price $ (millions)

16 Va n cou ver D rive, Q u een stown A three bed three bath dwelling Land Size: 335m² Purchased: April 2016, $950,000 Sold: March 2018, $1,730,000 Annualised Growth: 36.8%

House Prices

1,100

800

MEDIAN PRICE YE APRIL 2018

700 600

$600,000

500 400

MEDIAN PRICE YE APRIL 2013

300 200 100 0

3 Mc A d a m D rive, J a cks Poin t A four bed three bath dwelling Land Size: 716m² Purchased: August 2014, $818,000 Sold: January 2018, $1,240,000 Annualised Growth: 12.6%

1986 1988 1990 1992 1994 1996 1998

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Dwellings

Units

Managed Apartments

13.9%

ANNUALISED GROWTH

Year (* - Current year data is projected based on YTD sales) Sections

Total

Source: Colliers International Queenstown

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A PA R T M E N T S & TOWNHOUSES TRENDS

• Limited construction of new apartment/ townhouse stock planned for central Queenstown, with most construction activity in Frankton • Land and construction costs presenting significant challenges for developers • High demand resulting in price rises for existing units • Attractive returns on managed apartments due to good occupancy rates • Limited transaction numbers in the apartment sector due to owners holding on to assets

QUEENSTOWN LAKES DISTRICT Apartment & Townhouse Prices

$753,000 MEDIAN PRICE YE APRIL 2018

$420,000 MEDIAN PRICE YE APRIL 2013

12.4% ANNUALISED GROWTH Source: Colliers International Queenstown

CASE STUDY: Capital Growth Units in a block of three near the town centre: 8A H al l en st e i n St 3 bedroom townhouse Sold: Jan 2011, $608,000 Sold: Aug 2015, $776,000 Sold: April 2018, $1,280,000 Annualised Growth (2011-2018): 10.8%

Concept image of Toru Apartments

8 C Ha l l en stein St 3 bedroom townhouse Sold: Sep 2010, 600,000 Sold: Nov 2016, $1,120,000 Sold: April 2018, $1,320,000 Annualised Growth (2010-2018): 11.0%

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R E N TA L MARKET TRENDS

• Asking rents levelling off, although Queenstown remains one of the most expensive places in New Zealand to rent a house • Demand for rental houses still high, while supply remains limited in peak seasons • Unaffordability and scarcity of rental housing impacting local businesses, as workers and staff find it difficult to secure somewhere to live • Clampdown on short-term letting via Airbnb and similar providers may increase the supply of homes available for long-term rentals in the medium to longer term • Seasonal workers renting beds in shared rooms due to affordability issues in the town centre

MEDIAN RENT PER WEEK, SIX MONTHS TO 30 APRIL 2018: Three bedroom house QUEENSTOWN CENTRAL

$690

AUCKL AND (CENTRAL EAST)

$420

CHRISTCHURCH (CENTRAL)

$472

Source: Tenancy.govt.nz

AIRBNB

A N D T H E Q U E E N S T O W N R E N TA L H O U S I N G M A R K E T

Airbnb has been singled out as a potential contributor to affordability issues in the Queenstown rental housing market, with proposed Council rules aimed at protecting the supply of long-term rental houses in Queenstown gaining national media coverage. Infometrics data shows that Airbnb listings (“whole house” only) make up a whopping 14% of the total housing stock in Queenstown Lakes District.

Nationally, the ratio stands at 1.2%. Arguments in defence of Airbnb include the fact that many people rely on short-term letting to service their large mortgages, enabling people to live and work in Queenstown who may not otherwise be able to afford to. Reducing the availability of Airbnb listings may also exacerbate Queenstown’s visitor accommodation room shortage and cost local jobs (for example the cleaners and property managers who service Airbnb homes).

Hotel development over the medium term will address the imbalance. However, tourism growth projections will likely mean Airbnb remains as a necessary alternative for Queenstown visitors into the future.

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RURAL & LIFESTYLE TRENDS

• Limited supply of sections and homes driving strong price growth and lower sales volumes • Premium prices being paid for lifestyle land in desirable areas due to a shortage of available land for sale • Increase in sales of high value homes in the $5m to $10m range • Few speculative buyers for vacant sites, with most purchasers intending to build as opposed to hold • Increased building costs causing increased preference for the ‘finished product’ among buyers • Purchasing for renovating is also popular • Continued building activity, particularly of $2m-plus homes • Continued popularity of lifestyle subdivisions such as Millbrook.

PROPOSED LIFESTYLE PRECINCT ZONE

A new ‘Lifestyle Precinct’, part of QLDC’s Wakatipu Basin Rural Amenity Zone, has been earmarked in stage two of the council’s Proposed District Plan.

The zone includes land identified as having capacity to absorb higher levels of development, with a density of one residential unit per 6,000m² and an average density of 10,000m² (one hectare) overall.

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WA K AT I P U M E D I A N LIFESTYLE SECTION SALE PRICES & VOLUME

WA K AT I P U M E D I A N LIFESTYLE DWELLING SALE PRICES & VOLUME

$1,200,000

120

$3,000,000

$1,000,000

100

$2,500,000

$800,000

80

$2,000,000

$600,000

60

70

60

Sale Price ($)

40 Volume

40

$400,000

Volume

$1,500,000

30 $1,000,000

20

20

$200,000

0

$0 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17

Sale Price ($)

50

Median

$500,000

10

0

$0 2003

2004

2005

2006

Number of sales

RURAL & LIFESTYLE SECTIONS

1.02m

2007

2008

2009

Median

2010

2011

2012

2013

2014

Number of sales

RURAL & LIFESTYLE HOMES

2.575m

$

$

MEDIAN PRICE IN 2017

MEDIAN PRICE IN 2017

29% increase (2016: $790,000)

63 LIFESTYLE SECTIONS SOLD IN 2017

27% decrease (2016: 86)

34% increase (2016: $1.92m) Sales volumes down 38%

40 LIFESTYLE HOMES SOLD IN 2017

(2016: 64)

2015

2016

2017

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TOURISM PROPERTY MARKET UPCOMING ROOM S U P P LY S N A P S H O T (as at May 2018)

QUEENSTOWN R T O * A R E A AV E R A G E D A I LY R O O M R AT E

330 rooms

YEAR TO MARCH 2018

$239

GROWTH SINCE PREVIOUS YEAR

17.6%

Source: Colliers International Hotels

*Regional Tourism Organisation

686 rooms CONSENTED

1,389 rooms

AT C O N S E N T S TA G E T O TA L P O T E N T I A L U P C O M I N G S U P P LY :

QUEENSTOWN RTO AREA ANNUAL GUEST NIGHTS

2,405 rooms

(based on tourism projections - 10 year supply)

YEAR TO MARCH 2018

3,618,459

GROWTH SINCE PREVIOUS YEAR

3.0%

Source: Stats NZ Commercial Accomodation Monitor

QUEENSTOWN RTO AREA O C C U PA N C Y R AT E

(excluding holiday parks) YEAR TO MARCH 2018

UNDER CONSTRUCTION

71.2%

Source: Stats NZ Commercial Accomodation Monitor 2018

While the number of potential new rooms may appear to signal pressure easing on Queenstown’s hotel room supply, it is important to note that it can take around four years to bring a new hotel to market, from concept stage to construction completion (sometimes longer, depending on the consent process). This means the extra rooms are more likely to come on stream in stages, rather than flooding the market.

Source: Colliers International Otago

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PROJECTIONS

• Visitor accommodation remaining in extremely short supply for the medium term • Ongoing growth in visitor numbers and spending will continue to underpin tourism-related property • Room tariffs and occupancy rising with availability decreasing under the pressure of high demand • Construction booming, with significant tourism-related developments underway and planned (see boxed text) • Increasing cost of accommodation resulting in shorter average stay lengths and some tour groups using out-of-town accommodation • Airbnb providing more options for visitors, at the expense of the residential rental pool.

Otago Realty (NZ) Ltd, Licensed Agent REAA 2008

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OUR FULL SERVICE OFFERING

Colliers International’s Otago business offers a broad range of specialist property market services.

• Commercial real estate sales and leasing • Residential sales • Project developments - feasibility, advisory and management of the property development • Residential investment sales • University investment sales • Property valuations - commercial, industrial, lifestyle, tourism-related and residential • Research - retail pedestrian traffic counts, sales research and analysis, subdivision supply and demand, commercial vacancy and leasing supply and demand • General consultancy - property acquisitions and sales, developments, subdivisions and syndications

Our combined knowledge provides clients with arguably the largest and most experienced team of property professionals in the region, based in offices in Queenstown, Dunedin and Wanaka.

QUEENSTOWN OFFICE

Top Floor 10 Athol St, Queenstown 03 441 0790 queenstown@colliers.com Images courtesy of Destination Queenstown, Ngai Tahu Tourism and AJ Hackett Bungy New Zealand.