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Govt Plans to help Queenstown Home Buyers


Queenstown real estate has appreciated over the past few years and its property prices are now one of the highest in New Zealand. Latest figures indicate that the median property price in Queenstown is NZ$ 529,500 compared with the national average of NZ$ 349,000. This puts Queenstown at 34% above the national average.

The scenic beauty of Queenstown and the holiday atmosphere make it one of the most desirable places to work and live. However, high property prices have made it increasingly diffcult for younger couples and families to have their own homes.

The Housing Minister has just announced a scheme to help Queenstown home buyers. This scheme will be run by Queenstown Lakes Community Housing Trust and Housing New Zealand Corporation. They will help 35 home buyers by taking a passive interest in their house of up to 40%.

To qualify for this scheme, home buyers will need to earn more than NZ$ 80,000 per year! This is certainly not a scheme to help low wage earners but for middle-high wage earners.

As an investor, what does this mean to you? Strong demand and high property prices are expected to continue in Queenstown over the long term?

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Source: Stuff.co.nz 07 July 2007

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