The Wanaka property market related statistics for the winter show that the market is strong with value rises reflecting the national median house price rises. The Central Otago Lakes region median rose 11% to $500,000 with the Queenstown median at $655,000 and the Central median at $405,000.
The Real Estate Institute NZ reported sales volumes for the area as being exceptionally strong for the middle of winter. The REINZ also reported that there is strong anecdotal evidence of Aucklanders buying in these regions as owner occupiers and investment properties.
The agents are commenting on a shortage of available properties for purchasers. Many are hopeful that the change of season will bring a flush of listings onto the market to boost stocks.
The new subdivisions are attracting significant interest into the Wanaka property market and many families are renting while they build their new homes. This is fueling the rental market shortage. Several new developments are just coming onto the Wanaka property market.
The Environment Court has recently approved the Northlake subdivision which will eventually increase the number of houses in the town by a third.The 220 Ha subdivision is located between Wanaka and the Clutha river. It is planned to subdivide it into 1600 lots, ranging in size from 450 sq m – which could include terraced and two storied housing – to 1500 sq m, plus commercial and recreational areas. Community facilities, including a pool, gym, tennis courts and playground will be built when enough sections have been sold.
The Three Parks residential and commercial development is 100 ha and development has already begun here with the commencement of the sports stadium.
Stimulus has been added to the Wanaka property market by lower interest rates affecting the NZ buyers and offshore buyers have been spurred on by the fall in the NZ dollar.
Wanaka local businesses generally report town as being busier than usual for this time of the year. Factors contributing to this will include the Winter Games and the exceptional snow conditions that continue to persist this season.
The growth of the Wanaka property market is considered sustainable because of the strong interest from Christchurch purchasers and “cashed up” baby boomers coming to the region.