Property prices in Wanaka have soared high that more people on lower incomes were driven out of town.

• Recent QV figures showed median property values in Wanaka & Queenstown hit $1 million, rising 30% in a year.

• QV says Wanaka’s property prices soared by 9% each year in coming years, compared with the national avg. of 2%, now outpricing residents.

• Some workers would have to commute 40 minutes to two hours away from home to Wanaka, because of the shortage of cheap accommodation.

• However, some residents are optimistic solutions would be found, with thousands of new houses being built, but Wanaka’s high living costs & low wages are also a problem.

See original source article »

» Stay tuned to the latest property news summaries, sent to your inbox weekly – sign up now.

Share Post