Despite the decline in tourism caused by Covid-19, it has never been a better time to sell in Otago. With locals and expats looking to buy agents are reporting a 'shortage of stock', and median house prices have remained consistent throughout the past six months in the Otago region.
A market report by Harcourts Otago shows strong demand in the Otago property market. Expats returning home, overseas travel being deferred in favour of buying property and very attractive interest rates have seen a steady upsurge in buyers across the board which shows no sign of slowing.
While the tourism sector has some hurdles to overcome, Queenstown is making a strong come back, pivoting sharply to meet new opportunities.
The new Holiday Inn Express & Suites Queenstown opened earlier this month and many more hotels are currently in development. The undeniable and enduring appeal that defines Queenstown, making it one of the best places in the world to live, is what will keep it a serious contender when it comes to places to live and invest.
'We are seeing sales prices increasing by 12.9 per cent year on year. There is increased interest from buyers looking to secure their piece of paradise.'
Similarly, Wanaka and Cromwell are both surging ahead, with section sales volume superseding home sales volume in Wanaka and the launch of the stunning Wooing Tree Estate development in Cromwell, fringed by vines and a cellar door and with access to the best of a Central Otago lifestyle.
While other regions struggle with low stock figures, Cromwell has a mix of properties available from first home to higher end, and sections, including three of the first tranche of Wooing Tree Estate sections which are unsurprisingly sparking great deal of interest.
Migration and investment demand is on the up, debt growth is low, and a continued listings shortage and the ability for many to work from home all make for a promising outlook.