Queenstown leading the pack in property confidence
The latest results from the Colliers International residential Property Market Outlook survey show that confidence in residential property is on the increase, with Queenstown coming out on top.
Nationwide, a net 36% of respondents expect median house prices to increase over the next 12 months, a figure that’s up from 28% three months ago, and just 15% 6 months ago. The highest expectations of price increases were recorded in Queenstown, Tauranga/Mt Maunganui and Hamilton. Queenstown came in at nearly twice national confidence, with 69% of respondents expecting value increases.
Welcome news, arguably, for Queenstown property investors and holiday home owners, however not so welcome for long-term renters looking to enter the market. Despite the high confidence, however, many respondents do expect the market to plateau at some point.
A total of 5,734 responses contributed to the results of this survey. Read the full results here.