Following news that a new $500 million village is planned for Jack's Point at the foot of the Remarkables, latest CBRE research shows that Queenstown is increasingly attracting middle-aged and family households who settle into the area on a permanent long-term basis, providing sustainability to the region’s future growth.
CBRE’s mid-year Queenstown MarketView research reveals that that although Queenstown is often regarded as a playground for the young who work in the tourism and hospitality industries, this aspect of its population growth driver only tells a partial story:
Queenstown Lakes District’s resident population was 39,200 in 2018, up 5.7% from a year earlier. New Zealand’s total population grew by 1.9% over the same period.
Population growth in Queenstown-Lakes District averaged 5.7% pa over the last 5 years compared with 1.9% pa in New Zealand.
Relative to the New Zealand average, Queenstown’s 30-54 year old age demographic is materially higher at 38% of the resident population (and compared to 32% across New Zealand).This compares with 40% of residents being 0-29 years old.
Zoltan Moricz, Senior Director of Research for CBRE New Zealand, says that the attraction of Queenstown and surrounds to this demographic has been fuelled by two principal drivers. “First, it is a major and rapidly growing domestic and international tourism destination. Second, it is a rapidly growing residential location for people attracted to the lifestyle it offers.
“Forecasts for Queenstown’s tourism and resident population show continued strong long-term growth. Projections by Queenstown Lakes District Council indicate a 90% population increase over the next 30 years. Similarly strong escalation is being forecast for tourism. In preparing its future master plan, Queenstown Airport has undertaken forecasts on passenger numbers. The Airport’s projections indicate passenger movements increasing from 1.5 million in 2015 to more than 7 million in 2045.”
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