Queenstown property markets suffers in NZ recession

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Updated November 13, 2008 16:59:35

New Zealand has officially been in recession for months. Property prices have been falling and today the country's largest listed real-estate entity, Kiwi Income Property Trust, posted a loss of around 28-million Australian dollars. Even the South Island tourist town of Queenstown, which attracts celebrity buyers from all over the world, is suffering. It's estimated one in every seven investment properties is up for sale.

Presenter: Kerri Ritchie
Speaker: The Mayor of Queenstown in New Zealand, Clive Geddes; Wayne Cafe, Real Estate agent in Queenstown

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