Queenstown rental market tight
Rents have increased as the dwindling residential market in Queenstown struggles to keep up with high demand.
Real Estate Institute of New Zealand Queenstown spokesman Kelvin Collins said the market was very tight, there were very few vacant properties, and strong demand which led to a 10 per cent increase in rental rates during the past year.
While there was good demand for family homes in suburbs such as Frankton and Lake Hayes Estate, jobseekers were cautious about moving to Queenstown because there was such a limited rental supply, he said.
The lack of available rental properties was really evident in the last three months and, in some cases, tenants were forced into sub-standard accommodation.
Fewer available rentals meant some landlords were increasing rents and until new stock was provided tenants, and prospective tenants, were going to struggle.
A Real Estate Institute of New Zealand sales report for December said there were 55 residential property sales, including a 25 per cent increase in sales of managed apartments.
The average sale price increased to $513,000 and there were eight sales of houses over the $1 million mark although agents reported fewer listings overall.
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