All seasons appeal

More and more Aucklanders are leading double lives, reveals Ian Williams

Wayne and Julia Foley purchased their Queenstown holiday home in 1991. The couple never envisaged living there permanently.

The plan was to go for weekends here and there, longer spells for serious midwinter skiing, and enjoy the dry, Central Otago summers.

But they liked the lifestyle, so much so that by the mid-1990s, their cosy ski chalet in Dalefield had become their permanent home, and Wayne had left advertising to create a new career in property management and development.

This didn't mean a complete break with their home town. Friends stayed in touch and visited frequently.

Likewise, the Foleys flew north to see family and business partners. Eleven years later that's still the pattern. The only differences being (a) they are not alone; many Aucklanders now call the place their home or second home, and (b) the value of the original investment has multiplied by several hundred per cent.

What's the attraction? In a word, "difference". The Southern Lakes District (or in real estate district parlance, the Central Otago Lakes District) is a world apart. You've seen photographs?

Beautiful, but you have to stand on a mountainside to understand. House designs? Unique and built to cope with more extreme temperature ranges. Central Otago, once the scene of New Zealand's craziest gold rush, is experiencing a new land rush.

Talking of which, you could say that Otago is to the North Island what Scotland is to England. The analogy goes further. Scotland is hot, too. Successful people, rich people, are investing in Scottish real estate.

New Zealanders are investing in Central Otago real estate for the same reasons: no rush, few crowds, privacy, security, and great long-term value.

Queenstown, Wanaka, or where?
As far as Queenstown itself is concerned, there are really four or five Queenstowns: the one featured in the tourist brochures with the wharf and lakeside promenade, hotels, shops, bars, casino, restaurants, gondola, booking offices, gear hire, take-outs, and so on. This time of year is a good time to buy because you can see how much winter sun you'll get (not much if you're hard up against Bob's Peak and Ben Lomond and Ben Nevis) 

Outside of central Queenstown there are the older suburbs - Fernhill, Frankton, Kelvin Heights, and 19km away, charming Arrowtown. The farmer who owned Kelvin Heights and a huge acreage to the south, sold out in 1959 for 80,000 pounds. Lakeside properties, including sections, if you can find one, now go for $1 million upwards.

Glenorchy is a small settlement at the head of Lake Wakatipu, some 45km from Queenstown. It's the jumping off point for one of the region's most walked tracks - the Routeburne. As reported in the NZ Herald of 21 May, the Goodman family is marketing an 18-lot lifestyle block subdivision in Glenorchy, while a Queenstown company has developed Lochburn, a lakeside subdivision. According to Stuart Mitchell, who is marketing the sections, the land has been raised 1.3m to ensure protection for its 26 sections from floods. Features include a pond and "golf course" type landscaping with prices ranging from $200,000 to $400,000. Thirteen sections have already been sold.

 Just a kilometre or so  away is Blanket Bay, where Brad Pitt and Jennifer Anniston were rumoured to have honeymooned. What's more, Glenorchy may one day be the terminus for a cable car that links the region with Milford Sound

Back in Queenstown, but not actually in Queenstown, there are still reasonably priced sections in newer subdivisions. These include, Lakes Hayes Estates, from $170,000, The Terraces, and Hawthorne, all clustered between Arrowtown and Frankton Junction.

Anyone looking for lots of space and privacy, could try Bendemeer Estates which boasts a commonage (like an English village common) of 41ha out of its total area of 110ha.  Lots range from $1.8 million to $3 million. Failing that, it's possible, even easily possible, to pick up a cheaper block from land-owning locals who want to bolster their bank balances.

Queenstown is easier to categorise than Wanaka; it's an international resort with lots to do, and in spite of the ra-ra, plenty of places where peace and quiet abound. But Aucklanders who don't want any kind of ra-ra (apart from an amazing annual Air Show) might find Wanaka more to their liking.

They are as different as chalk and cheese. Whereas Queenstown was established as a settlement serving the needs of farmers, Wanaka's development remains anchored in its holiday spot tradition.

Lucky are the people who decided to put up a permanent bach rather than pitch an annual tent. Well located baches are fetching $500,000 plus. If you can't stretch to that, Ross Rainsford, REINZ vice president of Central Otago Lakes District, has a two-bedroomed cottage for $359,000, while at the other end of the bach price range he has a luxury townhouse for $2.12 million. If neither suits, Ross recommends a reconnoitre outside Wanaka, to Albertown and Hawea, just 20 minutes away. There's a subdivision at Hawea with sections priced from $340,000. Meanwhile, there's talk that Glendhu Bay, a popular camping ground west of Wanaka, will eventually be sold.

If you really just want somewhere to sleep, Queenstown in particular offers a choice of bed-sits and one bedroom apartments starting from around $175,000. Managed apartments are also an option, when you don't live in it a property management company rents it out for you.

For a two-bedroomed property in a development, eg you share walls with adjoining properties, expect to pay from $290,000 upwards, with luxury versions of these costing from $650,000 upwards. The cheaper ones may have been rentals most of their lives and in need of refurbishment. Even so, they are a good investment.

Standalone properties start from around $350,000, although once again, could be run down. These are likely to be in Fernhill and Sunshine Bay, only minutes from town but you'll share space with long-term renters and young people on working holidays.