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Hello
Welcome to EA’s new look newsletter. We believe 2010 is an exciting time for property investors and managers alike as we head into deregulation of our industry. Separation from the Real Estate Institute will allow property management to move forward and create industry specific standards, training and regulation which will ultimately benefit owners and tenants.
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EA Update
EA continues to grow and expand – we have recently added a part-time letting agent to our team to assist in showing and advertising properties. The biggest benefit being that applications are processed quicker and your property is tenanted with minimum delay.
Along with the new look newsletters we have also changed our advertising and have moved from the Mirror to the more localized LWB (Lakes Weekly Bulletin). The LWB has a large localized circulation of 14000 that is aimed at new people arriving into Queenstown and it’s the first paper out each week giving us a head start on getting your property rented. This complements our other in house marketing such as rental handouts and window cards plus our website and Trademe. A great number of inquiries are now coming in off the websites and we are able to maintain a database of tenants looking to move to Queenstown in the future.
Software is the other big mover this year – with new players coming into the market, EA has a great opportunity to capitalize and give owners lots of great tools. Watch this space for more information in future newsletters.
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Development Update
After a fairly quiet 2009 major developments are now moving forward in 2010. The biggest to note is the “hole in the ground” at 5 mile has been purchased by a large supermarket chain and they plan to build a Countdown Supermarket with specialty shops over the site. This will create new jobs in construction and after completion attract new workers to town who will need accommodation.
Queenstown airport also continues to expand and they have approached QLDC to extend operating hours from 10pm to midnight. This has been pushed by an increase in flights especially from Australia (the only visitor market to increase over the past 12 months) as projected grow in passenger number increase from 700.640 to 2.3 million in 2037.
Other big news that came out of last year is that a new 215 home sub-division has been earmarked for Arrowtown. The new sub-division will cover 31 hectares between Arrowtown Golf Course and The Hills Golf Course and consist of family homes sit amongst walking trails and open park like spaces. Consent has yet to be granted but watch this space.
Queenstown’s newest school in Frankton is just about to open with Year 1 & 2 students starting on Feb 4th. Other Years will gradually be included as the school nears completion. Currently it has a role of between 20 & 25 new entrants mostly from Queenstown Primary School.
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Tourism Update
Visitor numbers to Queenstown remain positive in the face of the economic recession. Winter 09 was particularly buoyant with high Australian skiers mainly thanks to a huge advertising push from Destination Queenstown. The backpacker market has not felt the effects of the slower economic climate which means summer occupancy and numbers are very good moving forward with up to 90% occupancy.
Another boost to local tourism is the announcement that Queenstown will host up to 3 Rugby World Cup Teams including England, Ireland and another yet to be decided team. The teams will train at the Events Centre in Frankton and local practice matches between the local Southland Stages NPC side has been mentioned
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Rental Update
The end of winter 09 saw a lot of rental property come on the market as workers left the resort due to lack of work during the off season. This created a large oversupply in the local market which hasn’t been seen for a number of years. This had the effect of reducing rentals of around 6-8% and for the first time we experienced applications from tenants with ‘offers’ of rental as opposed to applying at the advertised rate.
EA is confident that 2010 will be more positive due to the increase activity in local housing, commercial building and new businesses moving into Queenstown. Rental prices may take a little while to stabilize again, so the emphasis must be on generating inquiry for new tenants and keeping existing tenants happy within their current property. Many of you have already realized this and have offered good wills gestures as part of the extension process.
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6a Williams Street - $545k |
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18b MacKinnon Terrace - $320k |
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