Cromwell has known booms and busts since it was founded by goldminers. Now there’s a new rush going on, with people flocking to the town once again – and Cromwell is struggling to keep up!
Today, the town’s boundary is bulging, its margins expanding as it copes with rapid development. There are new subdivisions at all compass points; new industry; new horticulture ventures planned. It’s growing and groaning, booming but creaking. These are good times for Cromwell in so many ways, but they come with concerns and quandaries.
But Cromwell’s transformation at that time went far beyond being swamped with single men. The dam formed Lake Dunstan and flooded parts of the old town. Its commercial centre was shifted away from the river, and a completely new CBD built. Nearby, a colossal fruit sculpture was erected – an apple, pear, nectarine and apricot hoisted on giant girders, symbolising the area’s biggest industry, and becoming the town’s much-photographed emblem. Lonely Planetonce described it as a “spectacularly ugly giant fruit salad”, but as a local politician responded, “It’s ours, we’ve got it, and we love it.”
For a while after the dam, Cromwell drifted, though the arrival of the wine industry in the 90s provided a valuable fillip, with rabbit-riddled land suddenly prized for pinot noir.
But even with the glamour of boutique wineries, Cromwell still played third fiddle to Queenstown and Wānaka – the ugly sibling, ignored by tourists.
And it’s still that way to an extent. But as Queenstown and Wānaka have become tourism darlings and been inundated by those prepared to pay a fortune to live in chocolate box surroundings, Cromwell has reaped downstream economic rewards. Those unable to afford a house in Queenstown have looked to Cromwell for real estate sanity. Others have cashed up their tourist town homes and seen their money go much further in Cromwell. Likewise, businesses have found cheaper commercial properties in Cromwell and shifted operations there. Cromwell’s population of around 5000 is predicted to double in the next 30 years.
Mike White – 27th February 2019
Despite the recent real estate woes, real estate is still a good investment strategy when it’s part of a diversified portfolio. And investing in real estate can be fun! There’s a bit of an art and a science to finding the best investment properties. You’ll need time to research, a … Read more
The process of looking for a new home for yourself and/or your family is sometimes excruciatingly emotional – and always tiring. After you sign on the dotted line and the house is yours, it’s time to be happy and feel settled, even if there are still boxes stacked to the … Read more