Queenstown’s tourism property market – a snapshot
Whether you’re here on holiday, a holiday home owner, or potential investor, it’s always interesting (and often surprising) to know what’s happening in the tourism property market in Queenstown. Maybe you’ll find inspiration for future holidays, with accommodation ranging from ‘pods’ to family homes, to five star boutique experiences, or maybe it’s finally time to invest in your favourite holiday destination and earn an income between visits.
The Colliers International residential Property Market Outlook report shows us that Queenstown is thriving. Did you know that the average daily room rate for the year to March 2018 was $239, a 17.6% increase since the previous year? Annual guest nights are also up, recorded at 3,618,459 for the same period. And there’s more coming, as of May 2018, there are 330 rooms under construction, 686 rooms consented, 1,389 rooms at consent stage – totalling a potential supply of 2,405 rooms – and that’s not including the private homes being built. However, with a growing population, expanding airport, and record visitor numbers, who knows if this will be enough.
Spending at record highs
Tourism operators are ever more inventive with new thrills and spills attracting tourists from all over the globe, whilst blockbuster movies and international musicians are bringing Queenstown to the world stage. Visitor spending increased to $2.231 billion in Queenstown in the year to March 2018, an astounding 12% growth from the previous year, whilst occupancy rates (excluding holiday parks) were a comfortable 71.2% for the same period. Queenstown as a destination is going from strength to strength, and it’s hard to imagine it slowing down anytime soon.
At Relaxaway we pride ourselves on our holiday homes, in providing a standard and service that keeps visitors coming back, and owners very happy with their choice. If you’d like to know more, contact us today.