Australians claim our prized hotspot as their "local"

The Aussies are beating us, when it comes to our property, that is. They are winning the race to purchase coastal and lifestyle properties in New Zealanders’ own back yards, seizing the ideal time to buy.

Queenstown is proving the pick of the crop for our neighbours and, this year, the majority of all sales in the area have been between Kiwi vendors and savvy Aussie buyers.

The most recent in this spate of sales, a small holiday house resting on two acres on Cardrona’s Gin and Raspberry Lane, which sold for $508,000 this month.* Built five years ago by its Kiwi owners, it is now under proud Aussie ownership. 

Another Australian cleaned up in Queenstown recently, buying three properties in as many months, totalling more than $7 million.** After purchasing two top-end properties near Lake Wakatipu for more than $3 million each, the Aussie East Coaster – who sold a farm on home soil to invest here – bought a historic Cardrona property, Galvin’s Cottage, for a “modest” $300,000. The cottage, built in 1863, sold on two acres of land. Its previous owners bought it in 2003, on seven acres, for $150,000* – proving it’s not only buyers that are picking the right time to move.

Ross Hawkins of Kellands Real Estate, who sold both Cardrona properties, says, “After prices of coastal and lifestyle properties rose drastically last decade, the recession brought with it a ‘coastal correction’, which has seen prices drop. Activity is slowly starting to work its way back up, but we’re currently at the bottom of the cycle, making it the most opportune time to buy coastal and lifestyle properties in a long time.

“Across real estate agencies, there has been a noticeable rise in the number of sales to Australians this year. They are the main purchasers at present, particularly in Queenstown, but increasingly across the country.”

The trend is having a domino effect, as more Australians purchase here and spread the positive word back home. Australia’s east coast residents – particularly in Melbourne, Sydney and Brisbane – are using the strong Australian dollar to their advantage and making the most of increased flights across the Tasman. Daily flights now drop travellers right in the heart of our skiing action for less cost, hassle and time than getting to their own snow fields.

As summer approaches, it seems Australians will also be enjoying our Kiwi beaches more than ever, with increased purchasing interest stretching to our coastal paradises.

Ross Hawkins, who specialises in coastal and lifestyle properties, sold a 4.5ha site at Bream Tail on Mangawhai Heads for $630,000 in May.* Before the recession, similar properties in the area were fetching around $1.4 million. Sitting just one hour north of Auckland, it was an Aussie who swept in on this prime coastal property.

“Smart Australians are selling up across the ditch, preferring to invest here, where there is more choice in the market and where property is cheaper. These kinds of prices won’t last long, so it’s important Kiwis stake a claim on their turf before prices rise again,” says Hawkins.

With summer coming and Australians’ attention shifting towards our coastal delights, including seven lots on Kawau Island’s Kawati Point adjacent to Vivian Bay – tender closing 9 September – now is the time to recognise New Zealand’s exceptional buying.