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  • Writer's pictureReal Estate Today - New Zealand

Kiwi Agents To Promote New Development To Sydney Buyers

Residents of Sydney have a strong affinity for New Zealand, as evidenced by their significant presence among Australians who flock to Queenstown annually. What might come as a revelation is that they constitute 70 percent of the purchasers thus far in the remarkable $2 billion Lakeview Te Taumata development.

This prestigious project boasts breathtaking vistas overlooking Lake Whakatipu and The Remarkables.

This week, agents from New Zealand Sotheby’s International Realty are in Sydney to promote the development, facilitating private appointments from Tuesday to Thursday in Double Bay and in Mosman on Friday.

“Sydneysiders have a long association with Queenstown and make up a large cohort of 87 per cent of the total 190,000 visitors from Australia who visit Queenstown every year,” the managing director of New Zealand Sotheby’s International Realty, Mark Harris, said.

“We have come to Sydney because we are seeing this a lot of interest in Lakeview Te Taumata because of the longstanding affinity with Queenstown by Sydneysiders.”

Dean Mackenzie, an architect hailing from New Zealand, has designed an extension to the pre-existing Queenstown center.

This extension encompasses not only exclusive residences but also four hotels, shops, restaurants, bars, an art gallery, a public plaza, and even hot pools.

The initial phase of the residential project, named the Roto Collection, is currently available for consideration.

Over $100 million worth of sales have already been recorded, with the highest two floors setting a new local benchmark by fetching over $33 million.

Sotheby’s agent Myles Green says the first buildings released in Roto consist of 94 apartments.

“The low maintenance high amenity lifestyle that is offered by Te Taumata Lakeview is perfect for the ‘lock up and leave’ or ‘visitor accommodation investment’ opportunities that are popular with Australians investing in Queenstown.”

He said the opportunity was perfect for Sydneysiders who take advantage of direct flights and easy access to Queenstown throughout the year.

“Naturally, the town is full of Australians during the ski season, but these days Australians are visiting throughout the balance of the year, attracted to the mild climate, golf resorts, wineries and the hiking and biking activities on offer.”

Green said the potential for returns was also attractive to investors.

“We anticipate returns in the order of 6-7 per cent net as being available across a wide range of apartment types,” he said.

“This creates a very unique proposition whereby one can own a luxury holiday home which has a justifiable return as an investment to support it.”

Construction of the first stage, comprising three buildings ranging from nine to 12 levels, will begin later this year and be complete in 2026.


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