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The closer to Antarctica, the hotter the property market gets

Bloomberg Published on Thu, Oct 20, 2016 / 8:14 AM GMT+8

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(Oct 20): Move over Sydney and Auckland, there's a hotter property market in the southern hemisphere and it's only 1,500 miles from Antarctica.

In Queenstown, New Zealand's adventure tourism mecca and playground for the rich and famous, house prices rocketed 31% in the year through September to an average price of NZ$959,000 ($957,000). That's twice the 15% rate of increase in Auckland, the nation's largest city. In Sydney, prices climbed a mere 10%.