The results of Collier International’s September 2014 quarterly Commercial Property Investor Confidence Survey shows that investors are the most optimistic about Queenstown’s performance over the next 12 moths, recording a net positive of 52%, trumping all 11 centres surveyed including Auckland, Wellington, Dunedin and Christchurch.
The survey results mean that of those surveyed 52% foresee better, rather than worse conditions for commercial property investment in Queenstown of the next year. The last time Queenstown topped the poll was 18 months ago, before being overtaken by Christchurch, and more recently, Auckland.
“There’s nothing better than beating Auckland to the line, is there” said local Colliers Director, Mark Simpson.
Simpson attributes the strong confidence in Queenstown to the rapid population and visitor growth which has in turn fuelled the surge in commercial construction throughout the area, and estimates the pipeline of commercial development over the next 24 months to be over $180 million.
Simpson forecasts around $100 million will be spent on local commercial projects over the next 12 months – around double for the past year. Those projects include three shopping complexes on the Frankton Flats – Stage 1A of Five Mile, The Landing and an extension to Remarkables Park, and an extension of the airport terminal.