Originally Posted by
Financially dependant
As an ex-Queenstown'er I have an affinity with the place plus an interest. It was one of the first places in NZ to start the property bull run! Vertical limit production crew took just 25 houses off the rental market to start it all off!
The news that Kawerau falls went into receivership sent a shiver done my spine, if they finish the current stage of development (best case) there will be 500 tradesman looking for work. Ngi Tahu's post office project will finish about the same time as will the Mountaineer redevelopment and downtown carpark building (large backpackers). That could double the the tradesman looking for work in a years time!
IMHO there will be a large number of properties for sale and rentals hit the market in the same, this is the next leg down for Queenstown. Queenstown has a history of down turn after big projects finish, this maybe a bit of a perfect storm.
Queenstown loss may be other cities gain!!