The booming tourism industry in Lakes/Central Otago has significantly influenced the local real estate market over the past few years, particularly in hotspots like Queenstown Lakes, Wanaka, and Cromwell.

With an influx of visitors drawn to the region's natural beauty, wineries, ski fields, the annual Alexandra Blossom Festival, bike trails, and outdoor activities, demand for short-term accommodations like Airbnb has surged.

This in turn, has increased property values, making Central Otago a competitive market for investors and second-home buyers.

Rising property prices have also pushed locals out of the housing market, creating concerns about affordability and availability of seasonal and long-term rentals.

Another factor for the property market will be the proposed gold mine in Tarras by Santana Minerals, which introduces a potential game-changer for Central Otago’s economy and real estate market.

If approved, the mine could attract a wave of workers and industry professionals to the area, potentially increasing demand for housing among potential buyers.

This demand for property could further strain an already tight housing market, especially as the region balances tourism growth, seasonal worker accommodation, and the needs of local residents.

However, it has also spurred the development of new housing and infrastructure projects, potentially easing some of the current shortages.

Additionally, Ngāi Tahu has recently announced plans to develop The Pines area adjacent to the Alexandra Golf Course.

Alongside this, several other developers are planning residential and rural subdivisions, including the old William Hill Winery site.

These developments are expected to sustain Central Otago’s growth and provide buyers with more location options for building their homes.