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June, 2017 Queenstown's Shotover Country family subdivision is believed to haverecorded 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 million. 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 section. 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 conditions. 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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