Queenstown and surrounds

[ermat]

In light of the tourism shutdown what is the probability of price reductions in this part of the country. I am not over familiar with the area but it looks like the last few years new development has been rampant, and speculative.

[Frezzinghot]

Down, down , down...

[Nick G]

I predict people who bought off the plans residential apartments on a lease back to a hotel operator are going to feel very silly, just like every other recession.

[Beano]

I predict people who bought off the plans residential apartments on a lease back to a hotel operator are going to feel very silly, just like every other recession.

Unless it is one of the 18 hotels used by the government for quarantine ?

[Cpt707]

The three factors to always look for in a property for sale is "death, destitution and divorce" and there will be plenty of this post Covid-19. Welcome to the new world of poverty and wealth destruction......

[absoluteproperty]

Most of those hotels are in Auckland City, and I guess Christchurch. We have one across the road, Sofitel, I know another one being used is the pullman near to the old Fonterra HQ and across the road from the University of Auckland.

I can see them "quarantining" people for prolonged periods outside the "So" with their mates talking to them on the footpath for hours on end, on a daily basis. It's all being taken as a bit of a joke here in the city, really.

They certainly aren't letting those guys live it rough.

We aren't even attempting to identify the worst cases, asymptomatic spreaders, in NZ yet. It hasn't even been addressed by the Wellington bobbleheads. That way they don't have to lose their jobs in October.

Tourism is dead in NZ until we can open our borders, that will only happen when we enforce the quarantine and the virus goes away globally.

The chances of that happening in the next 3 months? Unless someone in Queenstown can go 3 months+ with little to no income, they will need to sell.

[ermat]

I have been considering a retirement destination for a while now, hence my initial enquiry. Like most of us my decision is partially based on price. It is also based on location preference. As I am not over familiar with the deep south I'm interested to hear other opinions on wether they personally could live in the location. From a geographic perspective I am happy to move anywhere in NZ. Obviously this location currently has an economic attraction.

[Beano]

I have been considering a retirement destination for a while now, hence my initial enquiry. Like most of us my decision is partially based on price. It is also based on location preference. As I am not over familiar with the deep south I'm interested to hear other opinions on wether they personally could live in the location. From a geographic perspective I am happy to move anywhere in NZ. Obviously this location currently has an economic attraction.

Would you run the property as an investment too ?
Like buying a hotel and managing it too ?

[ermat]

Either way. If the right opportunity came along yes.

Hotel out of my league, more like 2 dwellings.

[Bluecoat]

Unless it is one of the 18 hotels used by the government for quarantine ?

Thousand in the hotel, but they need to meet the requirements of the logistics of things, ( How its layed out for services etc most in Auckland and not queens-town

[Beano]

Either way. If the right opportunity came along yes.

Part of a franchise like the Hilton that has nearly a million rooms to something small like EVT with ten thousand rooms or run it standalone ?

[Beano]

https://m.resortbrokers.co.nz/properties-for-sale/1778/?path=/properties-for-sale/1778/&path=properties-for-sale&listingref=1778

This one they are after 6% net

[JBM]

In light of the tourism shutdown what is the probability of price reductions in this part of the country. I am not over familiar with the area but it looks like the last few years new development has been rampant, and speculative.

the Area has always been Boom Bust ... developers always get overextended .. personal think its going be much worse than anyone is predicting ... esp. without overseas buyers to soak up supply ..

[jimO]

p4operty isnt the only thing expensive in queenstown

[chook]

the Area has always been Boom Bust ... developers always get overextended .. personal think its going be much worse than anyone is predicting ... esp. without overseas buyers to soak up supply ..

You are Spot On