Queenstown’s property market has reversed its lockdown losses

PHOTO: Queenstown, New Zealand

Queenstown was the only main part of the country to really see any noticeable drop in property values after lockdown, but those falls have now been reversed. One key reason for this is that, despite high rates of new construction, growth in the stock of dwellings over the past five years has still been below housing demand/need. Even so, the prospect of a ‘lost summer’ for the tourism industry means that we probably still need a cautious view about Queenstown’s property outlook.

It would’ve been hard to have missed the fact that NZ’s housing market has not only avoided a downturn post-COVID but has actually seen rapid growth. Even Queenstown, the one key part of the country that did experience noticeable falls in property values post-lockdown, has also turned around again. So what has recently happened in that part of the country?