The housing market in Queenstown is red hot, prices have jumped by $75,000 in three years and the value of residential transactions is approaching pre-recession levels.
An increase in the resident population is driving land and house prices up while available rental stock is all but drying up amid a construction and tourism boom.
Growth in tourist numbers has been phenomenal, commercial development in Frankton flats, Remarkables Park and Glenda Dr is surging ahead and major infrastructure jobs are on the horizon.
Colliers International estimate the vale of commercial construction in Queenstown this year is $250 million.
But the growth is squeezing the property market, driving sales and price increases and the number of available rental properties is dwindling.
Real Estate Institute of New Zealand Queenstown spokesman Kelvin Collins said the market was very strong, driving prices up for residential sales, sections and rentals.
Source: The Southland Times