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  1. #21
    Join Date
    Apr 2004
    Posts
    836

    Default

    I live 45mins away in cromwell which seen property values increase even more than Qutown percent wise last 4yrs .. just received latest sub-division development $595k for 1000sqm to $320k for 500sqm section close to main roads that run through Cromwell ... pure madness price imho

  2. #22
    Join Date
    Oct 2016
    Posts
    228

    Default

    hi jbm, will cromwell be affected like QT? ie are the population involved in tourism & construction?

  3. #23
    Join Date
    Aug 2003
    Posts
    7,861

    Default

    QT will survive and we want it to it's our premium destination. I've been watching 'One Lane Bridge' and the scenery is spectacular.

    Domestic travel and our extended bubble with OZ (for skiing) will keep it alive and then the 'wealthy' celebrities will move in and claim it as their own as soon as they can buy something they like etc. QT etc will drop but bounce back like the rollercoaster it is in busts and booms.

    cheers,

    Donna
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  4. #24

    Default

    Empty sections should start to seriously soften in price.
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  5. #25
    Join Date
    Apr 2004
    Posts
    836

    Default

    Quote Originally Posted by jack2016 View Post
    hi jbm, will cromwell be affected like QT? ie are the population involved in tourism & construction?
    Yes not as directly Cromwell has less direct jobs in the sectors most affected(but overall like all of NZ we will see much pain) ..but for sure if Qtn property values crash then will effect other Central Otago townships that have risen on the back of the sky-high values driven our values higher.

    As to section falling in price I agree we should see some serious reductions ...

    latest local sub-division go to wooingtree.co.nz in the new category

    $300k+ for 500sqm $595k 1000sqm sections right beside a main road(Queenstown to Alexandra -Tarras-CHCH etc) with another main road only 200m north (Wanaka)

    I play Golf on the nearby course other side of the road and traffic is non-stop during the bulk of the day (many freight trucks feeding Qtn-Wanaka etc)

    I purchased two 1000sqm section in the 'Pisa Moorings Area 8kms north of Cromwell mid 2016 right by the lake with Lake Views from second story etc no road noise etc stunning location(where we currently live) paid $205k each(and stupidly sold for not much more 50k higher) .. at the time you could have purchased less desirable sites by the main Cromwell-Wanaka road for around $150k...

    ex-covid and with record high NZ household debts to incomes I just don't get current view prices will continue to rise and we need to land bank
    Last edited by donna; 18-06-2020 at 01:56 PM. Reason: no selling in the forums use the Caveat Emptor forum only

  6. #26
    Join Date
    Oct 2016
    Posts
    228

    Default

    Hey jbm I know exactly where your section is, the last section that was onsold was at 384k but then the reselling just stopped, nobody bought the one that was listed at 405k. They are kind of lake front as there is an undeveloped reserve between house and lake.

    Would new section developments just pull the plug and close shop?

  7. #27
    Join Date
    Apr 2004
    Posts
    836

    Default

    Quote Originally Posted by jack2016 View Post
    Hey jbm I know exactly where your section is, the last section that was onsold was at 384k but then the reselling just stopped, nobody bought the one that was listed at 405k. They are kind of lake front as there is an undeveloped reserve between house and lake.

    Would new section developments just pull the plug and close shop?
    Well how I understand it they can spend a good amount of capital on purchasing bare land planning and resource consents advertising costs etc and really work on the principal of selling enough pre-sales to help with bank funding the high costs of making legal titled fully serviced sections- roading,power etc

    Just look at those Falcon estate sections opposite the other many sections with new homes in PISA-- https://www.realestate.co.nz/3545159...-lane-cromwell

    last time I talked to the agent months ago he hadn't sold one!! and they were listed just over a year ago $325k ea

    just pure madness but then I'd rather offer 300k for one 850sqm+ than Wooing tree 500sqm rubbish

    ..I guess councils and all the other parties all want their cut (which only gets larger!!) so they have a min profit margin after RE.agent fees and maybe thats why we won't see $200k decent sections of land until all involved want less (unlikely) or liquidation Jacks point style

    Also Qtn property movements lead all of Central Otago---Qtn entry level sections low $400k
    Last edited by JBM; 18-05-2020 at 12:15 PM.

  8. #28
    Join Date
    Apr 2004
    Posts
    836

    Default bleak times

    Not looking good for Central Otago/Qtn lakes district property capital wise ...employment IMHO

    latest numbers some 1200 properties on the market + record high rental properties for this time of year COVID has really kicked it in the guts ..

    population est. 65k for the area

    still have some of the Highest property prices in NZ ... Buyers market ....so many tradies in the area + Tourism bleak looking future.I just don't see property construction pulling the area out of a major depression for many years.... more than enough stock

    I knew we should have sold long ago !!

  9. #29
    Join Date
    Dec 2007
    Location
    napier
    Posts
    179

    Default

    Quote Originally Posted by JBM View Post
    Not looking good for Central Otago/Qtn lakes district property capital wise ...employment IMHO

    latest numbers some 1200 properties on the market + record high rental properties for this time of year COVID has really kicked it in the guts ..

    population est. 65k for the area

    still have some of the Highest property prices in NZ ... Buyers market ....so many tradies in the area + Tourism bleak looking future.I just don't see property construction pulling the area out of a major depression for many years.... more than enough stock

    I knew we should have sold long ago !!
    Thanks for the update JBM, keep them coming..

  10. #30
    Join Date
    Apr 2004
    Posts
    836

    Default

    https://www.nzherald.co.nz/business/...ectid=12343394

    Prime Minister Jacinda Ardern has announced an $85 million Government injection for Queenstown's fragile Covid-hit economy.

    Ardern, in Queenstown with Tourism Minister Kelvin Davis, announced the Government would contribute $35 million to the Queenstown Town Centre project and $50m to stage one of the Queenstown Arterials project.

    The announcement comes after months of complaining from Queenstown residents and business leaders, who have accused the Government of overlooking the resort town.

    The Government said its partnership with Queenstown on the two projects would unlock around $300 million of projects in the township and create about 320 direct jobs.


 

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