The Queenstown property market is very active with exponential growth throughout the area along with significant focus on changes in overseas investment rules. QT Magazine spoke to Sarah McBride and Sarena Glass about their take on what’s happening in the sector.

How are you finding the market currently?

This year has certainly been our busiest to date. We have been lucky to sell down some excellent development projects which has been new territory for us both. They include Park Ridge, Lakehouse Villas, The Crest Chalets and more recently the Maribel Apartments in Central Queenstown. Interest in these properties proves the first home buyer and investor market is still very active in the Queenstown area.

We are fortunate to have grown our team to include Jemima Tennekoon and Madeline Braun who bring unique skill sets to the table giving us a strong team to assist with our growing workload. 

 We have worked through a high turnover of sales this year while being able to  retain our focus on premium lifestyle property and we are seeing steady enquiry levels across all listings, particularly for quality, well-presented properties in desirable locations. Buyers are certainly more considered in their decision-making but genuine growing  interest is evident.

What are the key changes to the overseas investment rules?

Overseas buyers will be able to purchase or build a residential property valued at $5 million or more provided they meet the investor visa conditions under the government’s new streamlined process and invest a minimum of $5million into approved New Zealand schemes or funds.

How do you see the impact of more foreign buyers locally?

First and foremost it will open up the pool of buyers for high-end listings. Since the new regulations were introduced we have seen sincere interest from overseas buyers with strong enquiry from the US and European markets.

What do you enjoy most about working for Bayleys? 

As a wider team Bayleys is an incredibly efficient work unit and committed to expanding  the skills of their personnel. They recognise and celebrate success and a bonus is their solid network throughout New Zealand. The alliance with McGrath and Knight Frank internationally is also proving to be a significant part of our business moving forward.