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Competition within the housing market shouldn't change much due to the bubble.
The housing market has been in a boom since the borders have closed.
But only 0.3 per cent of home transfers are to people without New Zealand citizenship or resident visas.
Real Estate Institute chief executive Wendy Alexander told Tim Dower buyer inquiry from offshore is not that high right now.
"The figures in Queenstown at the moment, the median price now $1.185 million, is just not an environment [for] second home buyers [or a] holiday home from Australia - it's a big decision."
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