New Zealand's favourite winter playground is in the middle of a property explosion rivalling Auckland's meteoric rise.
A research report last month claimed the Queenstown market is at an all-time high, with tourism and population growth fuelling demand and homes regularly topping the million-dollar mark.
"The Queenstown market is the hottest in New Zealand for residential at present, driven by a severe lack of product - in particular for the working population of Queenstown," says John Greenwood from Bayleys Real Estate.
According to the Housing Accord (a report commissioned by the government in 2014) more than 500 homes a year will need to be built up until 2031 to meet demand. The Remarkables Residences are being developed to help satisfy the thirst for good property, offering buyers the chance to get their foot in the door of the Queenstown market for a competitive price.
Located at the foot of the spectacular Remarkables range (in an area called Frankton Flats), the development has views of Crown Range and Walter Peak as well as the Remarkables. Over 200 terraced homes will be developed, with stage one set to be completed by mid 2019.
Greenwood says Remarkables Residence represents an attractive investment opportunity for those looking to buy in the district: "The annual capital growth over the last four years in Queenstown has been over 22 per cent - making investment in residential extremely attractive," he says.
There's another key selling point - the price.
"The biggest point of difference is that these are four- and five-bedroom-plus houses under $1 million being built in the highest growth area in Queenstown," says Greenwood.
"The development is providing product to meet the chronic shortfall in accommodation in Queenstown."
Designed by the renowned Ignite Architects, the Remarkables Residences have been conceptualised to sit harmoniously within the dramatic southern landscape.
Clever and thoughtful landscaping will soften the dramatic lines of the terraces; the interior design incorporates top-quality fittings and naturalistic colourways.
There has already been a great deal of interest in the development, with 30 of the 56 terraced homes going under contract within the first five weeks on the market. Buyers are advised to move quickly as there is also a lot of international interest in the homes.
As well as being an ideal investment opportunity, Remarkables Residences is also likely to appeal to those living outside Queenstown who are keen on a winter holiday base.
The proximity to ski fields also makes the residences highly desirable for skiers and travellers - so the accommodation shortfall in the area will ensure those who don't live here year-round enjoy excellent rental returns.
Frankton Flats is just 15 minutes from central Queenstown and has good infrastructure and commercial developments already established. There will be further developments in the area in the near future, bringing more working people to the area and increasing the demand for rentals.
"It will definitely appeal to investors looking for an excellent residential return plus capital growth," says Greenwood.