Aussie’s make a splash in Queenstown at $2 billion Lakeview Te Taumata apartment project

A surge in Australian buyers following the recent Federal Budget has driven NZ$37 million in luxury apartment sales in just the past month at Queenstown’s landmark Lakeview Te Taumata development, with investors increasingly looking across the Tasman for premium property opportunities.

Five residences worth a combined NZ$37 million have sold in the past four weeks alone, including four apartments at approximately NZ$8 million each and another at NZ$5 million. The buyers came from Brisbane, the Gold Coast and Victoria, underscoring growing demand from affluent Australians seeking to diversify their property holdings.

The latest sales have pushed total pre-sales at the project towards NZ$200 million ahead of construction commencing on the first stage of the NZ$2 billion-plus development, which is scheduled for completion in 2028.

Australian enquiries have increased by 50 per cent since the Federal Budget, while Australian purchasers now account for approximately 80 per cent of all recent sales, reflecting growing demand from investors reassessing their property portfolios.

The renewed momentum comes as Australian investors respond to changes announced in the recent Federal Budget and increasingly look to New Zealand’s luxury property market, attracted by its premium lifestyle offering and tax settings, including the absence of a broad-based capital gains tax in New Zealand.

Urban Activation Director of Sales Matt George said buyer behaviour had shifted noticeably in recent weeks.

“In the past month alone we’ve secured NZ$37 million in sales to Australian buyers These are sophisticated buyers who are actively looking to diversify their investments while securing exceptional lifestyle assets in internationally recognised destinations.

“Queenstown has always appealed to Australian buyers, but we’re seeing a new level of urgency. The combination of a tightly held luxury market, New Zealand’s tax settings and Queenstown’s global reputation is proving to be a compelling proposition.

“Approaching NZ$200 million in pre-sales before construction commences is a significant milestone. It demonstrates the depth of demand for premium product and provides tremendous confidence as we move into the construction phase.”

Construction of Stage One has commenced with CMP Construction appointed to deliver Building A, comprising a 77 room Alpine Lodge, together with Buildings B and C, delivering 94 luxury apartments. Completion is anticipated in 2028.

Current pricing includes:

• Two-bedroom apartments from NZ$2 million
• Dual-key residences (one-bedroom plus studio) from NZ$2.55 million
• Three-bedroom apartments from NZ$6 million
• Four-bedroom apartments from NZ$9 million
• Six-bedroom penthouse from NZ$25.5 million

Designed around wellness, luxury hospitality and world-class alpine living, Lakeview Te Taumata will ultimately comprise luxury residences, internationally branded hotels, restaurants, retail, wellness facilities and public spaces, creating a vibrant extension of the Queenstown town centre.

The NZ$2 billion-plus masterplanned precinct is being delivered by Melbourne-based 94 Feet and is expected to become one of the Southern Hemisphere’s premier lifestyle destinations.