The Property Academy Podcast Queenstown's housing crisis: Is it finally over? ⎥ Ep. 1941
Jan 3, 2025
Queenstown's housing crisis is analyzed with a focus on the recent drop in renter demand. A landlord shares experiences of fewer applications, despite stable rents. Building consents surge, but holiday homes complicate the rental market. The hosts compare population growth versus new dwellings, revealing an imbalance. With regulatory shifts in Airbnb, some hosts are pivoting to long-term rentals. The outlook for rents remains cautious, predicting stability for a while, while property prices may still rise.
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Dramatic Change In Tenant Interest
- A Queenstown landlord once received 20 rental applications within 24 hours for a listing.
- The same property later attracted only one applicant in a week but still rented at the desired price.
Building Consents Far Above National Average
- Queenstown issued 1,347 new dwelling consents in 12 months, about 25.7 per 1,000 residents.
- This far exceeds the national average of 6.3 consents per 1,000 residents.
High Dwelling Counts Mask Rental Gaps
- Queenstown has about 538 houses per 1,000 people, roughly 30% higher than NZ's 412.
- High dwelling counts don't guarantee rental availability because many are holiday homes.