PHOTO: SUPPLIED Economist Benje Patterson believes the economic impact of Covid-19 on Queenstown will come in two waves.
Queenstown’s previously strained rental market is being flooded with new properties as a big dip in property values is predicted.
Queenstown’s fall from grace
The number of Queenstown rental property listings on Trade Me jumped about 80 per cent from February to March as Covid-19 led to the international visitor market shutting down.
The announcement that New Zealand will move to level three next week further prompted the number of listed rentals to swell on social media and in local publications.
Economist Benje Patterson said the shift was driven by tenants doing “runners” as the tourism industry shut down and landlords pulling their property from the visitor accommodation market into long term rentals.
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