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Queenstown's tourism economy surpasses $2 billion for the first time

Author
Newstalk ZB staff,
Publish Date
Fri, 2 Dec 2016, 8:50AM
Photo / NZ Herald
Photo / NZ Herald

Queenstown's tourism economy surpasses $2 billion for the first time

Author
Newstalk ZB staff,
Publish Date
Fri, 2 Dec 2016, 8:50AM

Queenstown's tourism economy has hit a record $2 billion, but there's still room for improvement.

Second only to Auckland, statistics from The Ministry of Business Innovation and Employment show a 15 percent increase in visitor spend in Queenstown to the year to October 2016.

Destination Queenstown CEO, Graham Budd, said it's been a group effort.

"It's widespread across accommodation, our activities, our attraction services, as well as our hospitalities - our bars, restaurants and cafes."

Statistics show Aussies are spending the big bucks, up 15 percent to $450 million - followed by Chinese visitors up 10 percent to $234 million.

However, Budd said there's a few issues to keep an eye on.

He said they're relatively full during their peak times

Budd said they'll be working on growing their off-peak periods during Spring and Autumn when the experiences are equally as good.

Meanwhile, Queenstown's million-dollar property problem is spilling over into its congested rental market.

Figures released yesterday show the average property value in the resort town has increased over 30 percent in the last 12 months.

Harcourts property management Queenstown owner Keith Hibbs, said high property prices are being passed down to any hopeful tenants.

"Investors now have got to invest instead of $500,000 into a property are now having to invest upwards of $800,000-900,000, so he's going to want a better return on his investments, so that's pushing the rentals up."

Hibbs said some people are paying up to $1300 a week for a four-bedroom home, while a one-bedroom apartment is going for almost $500 a week.

He said they can't get enough rental properties to meet demand.

"Convention centre's planned and tourism's booming - I can't see anything stopping it growing in the next 10 years. It could double in size the way it is now. It's just got to keep going."

 

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