Queenstown is the most highly-regarded four season resort town in the Southern Hemisphere; an iconic international destination renowned for stunning scenery, incredible activities and amazing culinary experiences.
With over 3.3 million visitors each year and an annual spend of $2.2 billion, the Queenstown economy is driven by tourism. The local property market has enjoyed strong, consistent capital growth with an ever-increasing demand for accommodation for these visitors and the growing number of locals who support this booming industry. Toru aims to satisfy the demand for affordable housing and long-term rental accommodation.
Located at the centre of the Wakatipu Basin, Frankton receives some of the longest sunshine hours in the area and is Queenstown’s fastest growing area. With two major shopping centres, Queenstown International Airport and a public transport hub, Remarkables Primary School and Wakatipu High School, and easy access to all major arterial roads, Frankton has the amenity, activity and connectivity to cater for those who live and work in the area, and those who are stopping through to enjoy Queenstown’s many attractions. It is easy to see why it has become the heart of the Wakatipu Basin.
Remarkables Park is at the southern end of Frankton where it borders the Kawarau River. This large 150-hectare urban zone includes retail, commercial and residential in a dynamic mixed-use environment. At its heart is the Remarkables Park Town Centre – just a minute from Toru – a thriving retail and commercial hub which services the growing population in the area and the nearby Queenstown airport. Remarkables Park features inspired urban design and a rich architectural style which blends the character of Central Otago with contemporary New Zealand design.
Queenstown economy showing strong economic growth (6.2% from 2011-2016)
Guest nights surpassed 5.3 million in 2018
3.3 million annual tourists to the area
Average annual occupancy for commercial accommodation providers is 82%
Total visitor numbers estimated at 24,900 on an average day and 79,300 on a peak day in 2018
1 local resident to 34 visitors
$2.2 billion tourism spend
Very few new affordable developments have come to the market in recent years
Acute shortage of visitor and residential accommodation to meet demand
Opportunities to purchase property are keenly contested from local, national and offshore interests
Queenstown is rated the least affordable place in New Zealand to buy a property overtaking Auckland at the start of 2017
In December 2016 the average house price in the Queenstown area became $1 million
Quotable Value shows the total capital value of properties in the Queenstown Lakes District has almost doubled in three years
Frankton is the centre of the employment growth with extensive retail and commercial development in recent years