A Guide to Buying Affordable Queenstown Real Estate for Region Locals

Date: 11th October 2013 by Tim Medland

The Scene.co.nz has an article dated August 30, 2013 that details the opening of a new apartment complex in Queenstown along Frankton Road. Notably, the pricing of the property was set low in order to entice local buyers into moving in, as stated by co-developer Tim Medland:

“We think there are younger couples that don’t want to be saddled with a $450,000-$500,000 mortgage to live at Lake Hayes Estate, who’ll be happier getting a $250,000 mortgage and being on the lakefront in a smaller place,” Medland believes.

Pricing is aimed at locals, Medland says – especially singles and couples who, with a 15 per cent deposit, can pay off a weekly mortgage for what they’d otherwise spend on rent.

The new complex comprises 40 one- and two-bedroom freehold units at $295,000 to $560,000, a three-bedroom unit at $670,000 and a four-bedroom one for $740,000.

Medland says a significant difference with his new apartments compared with those developed before the global financial crisis will be annual ownership costs.
Body corporate fees and council rates at the new complex will be just $2000 to $3500 a year, he claims.”

Families and households looking to own their first home will naturally want properties that don’t cost a fortune. However, wishing for such a thing in Queenstown might be a bit of a stretch, considering the rather steep prices in the area. Fortunately, there are reasonably-priced Queenstown real estate locations around the region, and buyers only have to look a little deeper to find these gems.

Queenstown has become quite the destination for tourists due to its picturesque landscape. The sight of rolling plains and lazy creeks is enough to convince some foreigners to buy properties in the area. While it does bring money to the region, the increase of foreign ownership of properties in Queenstown has inflated real estate prices in the area, making some of the lots too costly for locals to afford.

Luckily, not all lands in Queenstown have to be priced at a premium; there are still plots with fair costs. Numerous Queenstown realestate projects, like those by Aedifice Limited, provide inexpensive housing options even for those who are financially strapped and a good selection of apartments await those willing to pass on the overpriced properties found in the area. Now who said you had to be a foreigner to live in Queenstown?

(Info from New Queenstown apartment project, Scene.co.nz, August 30, 2013)

Posted in: Industry News