Overseas and absentee buyers are pushing house prices beyond the reach of the average family in the Queenstown Lakes District.
Tuesday, December 17th 2002, 2:31PM
by The Landlord
Quotable Value manager Brendon Bodger said location was the strongest factor in the rate of increase - "anything with lake and river access or views or just something special."
The land value of residential properties has increased 84 per cent, with the capital value increasing 56 per cent.
The average price for a residential property in the district has risen to $322,000. In Queenstown it is up to $358,000.
