Mortgagee sales remain steady in Queenstown.
The Real Estate Institute does not have statistics specifically for mortgagee sales, but Adrian Snow, Queenstown spokesman for the Real Estate Institute of New Zealand, said the situation had been unchanged over the past months.
"We still see a fair amount of mortgagee sales advertised, and it appears that there is a slight lift in the number of both for residential properties and sections.
"There are also outstanding mortgagee sales for commercial properties in the region, with the Five Mile development as the most significant."
The current issue of the Lakes District Property Press lists 10 mortgagee sales for the Queenstown area.
Mr Snow did not think the situation would ease soon.
"There have been indications we are not out of the troubled economic times yet. If that is the case, then we could still see a rise in mortgagee sales."
Mortgagee sales would most often be advertised as such, he said.
"There is a certain marketing element to this. People seem to think mortgagee sales give them a bargain deal."
