Queenstown & the Southern Lakes Hanley’s Farm is projected at 1,750 sections once completed.
Red hot
The subdivision preaching affordability in the sizzling Queenstown property market By Claire Wright
Housing prices are hitting an all-time high up and down the country, according to recent data released by the Real Estate Institute of New Zealand (REINZ). Median prices for residential property across New Zealand increased by 24.3 percent from $665,000 in March 2020 to $826,300 in March 2021 – this is another record high for the country.
On top of that, 12 out of 16 regions reached record median prices, as well as 32 districts. Despite Otago being one of the hardest hit regions by the COVID-19 pandemic – with Queenstown taking a hit of 50 percent reduction in income for local economies, according to Tourism Minister Stuart Nash – the housing market is red hot with no look of cooling down. Otago as a whole has seen housing prices increase by 30.8 percent from $535,000 in March 2020 to $700,000 in March 2021. 22 | B&R
The Queenstown-Lakes District housing market specifically has reached record highs, breaking market trends around New Zealand, with a median house price of $1,185,000. REINZ states that 34.8 percent of houses sold in New Zealand of March this year have been sold for over a million dollars. CoreLogic senior property economist, Kelvin Davidson said in a February market the physical supply shortage could be the strongest reason the market rebounded so quickly. The rebound in values around Queenstown centred on suburbs like Arthurs Point, Fernhill and Kelvin Heights. That’s why the two major subdivisions, Jack’s Point and Hanley’s Farm, in Queenstown – positioned between Jack’s Point and Frankton – are getting scooped up so quickly.
www.buildandrenovate.co.nz
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The soon-to-be-completed school at Hanley’s Farm is called Te Kura Whakatipu o Kawarau.
