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Cashed-up expat New Zealanders are helping the Queenstown Lakes and Central Otago real estate market defy predictions of a plummet in the wake of Covid-19, agents say.
Lockdown severely impacted sales volumes across the region but prices have held.
Queenstown-based Harcourts-Highland Real Estate Group managing director Warwick Osborne said yesterday interest from expat Kiwis was strong.
"There are cashed-up buyers inquiring and potentially coming home sooner than planned."
Added to the mix was first-home buyers, he said.
"We have seen very strong inquiry from first-home buyers especially and have had a number of multi offers on property, and this is continuing."
Lifestyle, holiday home, and lock-and-leave-type properties were also attracting interest.
"Sales last week included a close-to-town penthouse by an out-of-town buyer, and multiple offers on holiday homes circa $1.5 [million] to $2 million."
There were factors at play potentially preventing the full impact of the pandemic being known.
"Queenstown is showing positive signs of a recovery. However, mortgage holidays and low interest rates may be currently masking some of the potential issues in the short term."
First National Wanaka sales manager Lynette Winsloe said online inquiries and calls from New Zealanders abroad began in lockdown.
"Certainly expats are out there looking."
However, there were also cashed-up buyers from Otago with "deep pockets", Mrs Winsloe said.
That included a $3.28 million sale in Wanaka that went through during lockdown.
In Central Otago, Tall Poppy Real Estate business partner Peter Hishon said in terms of supply and demand the market was stacked in favour of sellers and the more rural nature of the district meant it was not as exposed to the vagaries of the market.
He said Real Estate Institute of New Zealand official sales figures for May had yet to be released but "figures don’t lie".
