Apartment Market Taking Off In Wanaka

Wānaka is moving into the big time with an international brand hotel, a town centre development and other commercial plans in the pipeline.

And in line with that, interest is also steadily growing in the apartment market.

Its evident people are seeing increasing potential in what once was considered a small, quiet resort town. Harcourts Wānaka manager Grant Parker says strong interest is coming in across the board, from first time home buyers to investors.

Harcourts Wānaka agent Denise Barr says in the last nine months she’s sold three apartments close to town that have attracted a range of buyer interest.

“One of the buyers owns a local holiday homes business and bought two apartments in the same complex. The other purchaser was a first-time home buyer looking to rent the apartment out short-term.

Although from different demographics, we’re seeing high levels of interest in investing in Wānaka.”

 

 

Two apartments – one on Warren Street and the other on Plantation Road – had 25 enquiries between them and over 30 viewings before selling. The Warren Street apartment sold $145,000 above CV on auction day.

Fellow Wānaka agent Tom Finden says he’s seen similar interest from a diverse range of buyers.

“There’s been business owners looking for accommodation for their workers, people looking to buy now and move in later, overseas investors and families on the hunt for a holiday ‘lock and leave’.”

Interest in apartments is growing as they’re an affordable option for those looking for a seasonal holiday home or for people entering the property market.”

Denise and Tom have recently listed two more two-bed apartments on Plantation Road.

“The demand is high. These apartments are in a prime location close to town and schools, are warm and cosy and have visitor accommodation consent. There are plenty of options for investors,” says Denise.

“For first-time buyers these are appealing, affordable options to get on the property ladder.

“We’re hearing from buyers who’ve figured out they can work remotely, or the companies and corporates they work for have enabled and even encouraged them to work from a desirable location. Wānaka is perfect for that with a great lifestyle and environment for good work life balance.”