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June, 2017

Queenstown's Shotover Country family subdivision is believed to have
recorded its first million-dollar sale.

In what is believed to be a first for the Queenstown suburb, an
unfinished house in Shotover Country is believed to have sold for $1.02
The three-bedroom house with a self-contained two-bedroom unit was
snapped up only 10 days after being put on the market.
A local realtor reportedly said it was listed for $980,000, but multiple
offers from three parties pushed it over the seven-figure mark.
The buyer was a Shotover Country resident acting for a family member
living overseas.
The 6 Regent St property, which has a floor area of 200sq m, was being
developed by a small Queenstown building company on a 630sq m
There has been a big demand for homes in the subdivision, with nearby
Shotover Primary School acting as a major drawcard. The Wakatipus
very strong rental market has also created strong investor interest.
The Otago Daily Times understands a second property in the suburb was
recently sold for more than $1 million, but remains subject to
Million-dollar-plus sales have become almost the norm in adjoining Lake
Hayes Estate.
New Quotable Value data shows annualised quarterly growth in
Queenstown has slowed from 30.7% to 23.7%.
QV spokeswoman Andrea Rush said average growth across the suburbs
had slowed from last year's peaks and value growth was being held up
by the higher end of the market.
At the lower end, values were rising but not as quickly as last year, and
there continued to be a lack of supply of vacant land.

(Source: Otago Daily Times)


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