Outlet Podcast: Queenstown's property market defying national trends

Sarah Wood, CEO of realestate.co.nz says the New Zealand's real estate market is a tapestry of complexity and resilience, particularly in regions like Central Otago, the Lakes District, and the West Coast which are defying the national trend.

Queenstown's real estate market remains buoyant despite the high living costs and high interest rates that are challenging the national market. Queenstown is a hotspot in the real estate market with high asking prices due to factors such as international tourism and airport accessibility.

In this week’s podcast Wood dissects the reasons behind this trend, looking at factors such as international interest, particularly from Australia, and the availability of property listings.

Overall there is an increasing number of homes for sale and a decrease in new listings, meaning the balance of supply and demand is shifting. Wood explains that as buyers have more options, their attention is spread out, affecting demand levels. The winter months typically see a cooling in the market, but this year's economic challenges—high living costs, rising interest rates, and recessionary pressures—add layers of complexity but also opportunity.

A significant portion of New Zealand mortgages will be renewed at potentially higher rates, influencing how people engage with the market. Despite these challenges, transactions continue for various reasons, and there remains a healthy level of interest in the market.

For those navigating the real estate market Wood offers sage advice: leverage the wealth of available data to make informed decisions. Utilizing tools like sold listings and market insights can help prospective buyers and sellers understand the context of their transactions. She also underscores the value of local real estate agents' expertise in providing up-to-date advice