When we went there for the day it seemed quite charming--Im sure others can fill you in on rentability--I think the weather is a little more unsettled as it is at the end of the valley and closer to the mountains so sometimes I think a bit of the weather can hang around there ,when Queenstown is ok--I dont think its a major game changer though.
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buying in Kingston? Qtown area
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Thanks for your input, Skid.
Originally posted by skid View PostWhen we went there for the day it seemed quite charming--Im sure others can fill you in on rentability--I think the weather is a little more unsettled as it is at the end of the valley and closer to the mountains so sometimes I think a bit of the weather can hang around there ,when Queenstown is ok--I dont think its a major game changer though.
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Some people I've been talking with off late reckon the Queenstown BOOM hasn't even started yet ....
so many more international high net worth investors looking round ....went to major auction five properties four sold much higher than reserve ,One agent I was talking with believe one property sold for twice what she sold it for mid 2000's
Huge commercial investments underway well over a doz major stores to open next few years-- Countdown , Briscoes , rebel sports ,Mega mitre10, Warehouse Stationery ,Number one shoes etc ...(don't know where all the new workers will rent/live)
Some 80million+ invested in two of the major ski fields ...ongoing Airport growth (9 international flights a day currently.. 16 during winter)
Most builders have 2-3yrs of work booked ahead ...quote prices getting silly high...
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Originally posted by JBM View PostSome people I've been talking with off late reckon the Queenstown BOOM hasn't even started yet ....
so many more international high net worth investors looking round ....went to major auction five properties four sold much higher than reserve ,One agent I was talking with believe one property sold for twice what she sold it for mid 2000's
Huge commercial investments underway well over a doz major stores to open next few years-- Countdown , Briscoes , rebel sports ,Mega mitre10, Warehouse Stationery ,Number one shoes etc ...(don't know where all the new workers will rent/live)
Some 80million+ invested in two of the major ski fields ...ongoing Airport growth (9 international flights a day currently.. 16 during winter)
Most builders have 2-3yrs of work booked ahead ...quote prices getting silly high...
Hey JBM
Where were the QT properties located and how much did they go for?
Ive never seen it move busy either!
One hotel investor I know was telling me they need 700 tradesmen to get to Queenstown ASAP just to finish existing and future projects!
Cheers,
O
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One was older house Queenstown central close to gardens
second old Frankton house 15yr+ old
and another even older frankton home
new large unit up st. andrews park..
Yeah 700+ tradies plus all the staff for the new super stores ...be surprised if there is more than 40 rental properties available in all of central otago/lakes....
can see how shotover sold 70-80 section within 48hrs on a new releaseLast edited by JBM; 31-12-2014, 08:05 PM.
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Well the Queenstown market continues to roll on one house down the road from us sold overnight another within a week the 400k-800k market is very hot esp if the house in modern sunning etc only wish the 900k-1.3m bracke would get the same love as lower price bracket does ..(should have just built 2 houses maybe ?)
New sub-divison couple hundred metres away 140 home sites smallest 260sqm!! to 500sqm --190k-210k with a small 100sqm house 450k+
might have to drop our price even lower 400k below replacement might stir more interest ...guess it's all down to the amount of buyers must be like 50:1 for the lower price bracket ....
Agents view point keep lowering price to it sells (geez thats why they get 35-40k commission so smart)Last edited by JBM; 12-02-2015, 09:34 PM.
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Originally posted by JBM View PostWell the Queenstown market continues to roll on one house down the road from us sold overnight another within a week the 400k-800k market is very hot esp if the house in modern sunning etc only wish the 900k-1.3m bracke would get the same love as lower price bracket does ..(should have just built 2 houses maybe ?)
New sub-divison couple hundred metres away 140 home sites smallest 260sqm!! to 500sqm --190k-210k with a small 100sqm house 450k+
might have to drop our price even lower 400k below replacement might stir more interest ...guess it's all down to the amount of buyers must be like 50:1 for the lower price bracket ....
Agents view point keep lowering price to it sells (geez thats why they get 35-40k commission so smart)
There are more homes over 1.5m for sale than there are under 500k.
Where are your homes at 900k to 1.3m for sale?
Loads of Chinese at the moment taking most managed apartments up to 1m!!Last edited by Orpheus1; 12-02-2015, 09:46 PM.
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Only one home located in the res-rural Walnut Grove LHE ...393sqm 5brd + guest wing/flat 2801sqm section would take just over 1.1mill
was never built as a spec house so spent 100k+ more than needed to on better materials etc
was offered 1.1m last year when first for sale hindsight should have taken that but when you see housing selling for round replacement cost and your asking well below replacement you do gain confidence a buyer will turn up...
Moving away only reason for selling only 4yrs after building....
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HI All,
Just after some thoughts on what you all think will happen with the new proposed district plan reviews?
I have a couple of properties in Central Queenstown, one is High density sub zone B and one is sub zone C.
Under the new plan they will be changing the the three sub zones all to medium density and allowing the following:
- Key proposed changes
High Density Residential zone- Replace 3 subzones with one zone (note: Subzone C – the lowest density of the 3subzones - will be incorporated into the new Medium Density Zone).
- For sites classified as ‘flat’, height limit increases from 8m to 12m (ie. From 2 storeysto 3 storeys). Height in relation to boundary controls liberalised.
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- For sites classified as ‘sloping’, minor additional provision in terms of building height(from 7m up to 8.5m). Will usually enable 3 storeys, but sometimes 4 on steepersites.
- To complement the more enabling development controls, a ‘Floor Area Ratio’ (FAR)control is introduced for ‘flat’ sites. This rule enables greater building height providedsite coverage is lower. Conversely, greater site coverage is achievable with lowerheight. This rule helps provide both development flexibility and also better amenityprotection.
- No outdoor space requirement, but a new ‘living space’ requirement that requires acertain amount of living area. It is then up to developers whether that space isprovided only internally, or through a combination of internal and balcony / deckareas. This ensures a certain minimum amount of living space amenity whilstproviding more flexibility. Avoiding mandatory balcony requirements will also betterprovide the opportunity for more affordable apartments to be built.
Anyone have any experience with changes like this and how it effects land prices?
In particular down the end of thompson street? Seems like if they allow developers to build higher and use a bigger slice of the section it will increase the land prices?
Cheers
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- Key proposed changes
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Increasing the high limit has got to add value your'd think ...I here today twenty of so shotover country sections from the latest stage sold overnight ...understood these to be round 500sqm etc
Bridesdale shoebox development 260sqm land to 500sqm 30+ deposits received .....>>>>>
Going forward 5-10yrs I'm guessing the next stage will be 30-40sqm units in 3-4 story high apartment blocks in the valley ???
as we can see Land is everything here that and the higher 1mill+ is the best price to buy a house when you compare what you get for your money ...pay just over twice the price to get 5x-10x larger sized serviced section + 2-4 times the size of house and a much better Quality built home with much better views and likely Capital Gain (as going forward your have 100X more shoe boxes Vs large properties)
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