Lockdown severely impacted sales volumes across the region but prices have held.
Queenstown-based Harcourts-Highland Real Estate Group managing director Warwick Osborne said yesterday interest from expat Kiwis was strong.
"There are cashed-up buyers inquiring and potentially coming home sooner than planned."
Added to the mix was first-home buyers, he said.
"We have seen very strong inquiry from first-home buyers especially and have had a number of multi offers on property, and this is continuing."
Lifestyle, holiday home, and lock-and-leave-type properties were also attracting interest.
"Sales last week included a close-to-town penthouse by an out-of-town buyer, and multiple offers on holiday homes circa $1.5 [million] to $2 million."
There were factors at play potentially preventing the full impact of the pandemic being known.
"Queenstown is showing positive signs of a recovery. However, mortgage holidays and low interest rates may be currently masking some of the potential issues in the short term."
First National Wanaka sales manager Lynette Winsloe said online inquiries and calls from New Zealanders abroad began in lockdown.
"Certainly expats are out there looking."
However, there were also cashed-up buyers from Otago with "deep pockets", Mrs Winsloe said.
That included a $3.28 million sale in Wanaka that went through during lockdown.
In Central Otago, Tall Poppy Real Estate business partner Peter Hishon said in terms of supply and demand the market was stacked in favour of sellers and the more rural nature of the district meant it was not as exposed to the vagaries of the market.
He said Real Estate Institute of New Zealand official sales figures for May had yet to be released but "figures don’t lie".
Related Stories
Comments
Don't get too excited about this expected, but short term market peak. The only people talking up Real Estate sales here, are Real Estate Agents. I prefer to listen to actual economists who are experts in business, commerce and trade.. We haven't even begun to see the real economic impact of the global epidemic yet. Remember, that we were on a downward spiral pre-virus. Just this week alone saw headlines about The Warehouse, Georgie Pie, Max, H&J Smith to name but a few, closing and/or laying off staff. Back in January there were only 160 houses for sale in Dunedin, there are now over 340. Wait until September Oct when all the Gov schemes and handouts, and bank loan deferments come to an end...
Agree with Ozzzy3, vested interest Agents are not to be listened to, it is not news. However saying that many businesses are taking this opportunity to rethink everything and to use this period to cull some branches that were never making money prior to COVID and once the wage hand out is all used up the chop will come. Remember the NZD is down since Feb so this would be a good time if you had USD to buy property here. The currency plays a big part for overseas based kiwis to buy. So don't listen to the Agents, things are always great in their eyes. All this will make NZ stronger in the next 3-5 years.