Spring Brings A Lift In Enquiries

It’s not surprising that as the temperature rises in spring, so do our levels of incoming enquiry. This year is no different to others, despite what you might hear or see. A fantastic winter ski season’s brought plenty of domestic visitors to our town, along with Australians suffering from pent-up ski fever.

But getting back to our more ‘local’ visitors, it’s a given that several will decide to make this special spot their home. Wanaka’s population is bubbling over with people who came for a holiday and never left. 

Our stunning lakeside town is an aspirational place for its lifestyle, geography and connectivity. Forget what’s happening in the rest of the country – we’re a different market with different dynamics. Every day, people walk through our doors, with the intention of moving to this outstanding location with very real advantages to the way they currently live.  

Down to the nitty gritty – while auction clearance rates across our Otago region were solid, Queenstown and Wanaka auction success rates saw over 70% of properties called SOLD in August. Demand continues to drive up prices, not only with existing homes but also sections, as buyers snap up good land-only options to secure a foothold in Wanaka.

For example, a new premium price per square metre was achieved in August during a competitive ‘set date of sale’ campaign for a corner section in the sought-after Alpine Estate subdivision. 

Buying a section and building a home continues to be desirable as buyers want to create something for themselves that ‘fits’ the way they like to live, their families and their lifestyle. It’s true to say from what we’ve seen (and the stats to date) that there’s still an opportunity for good capital gains for those buying a section and building a home.  

The hesitation and apprehensiveness with regards to building – thanks to all the current media surrounding material shortages, delays and red tape — is usually quickly diminished when discussed with well-organised building companies. They tell us that challenges can be mitigated with good planning and good project management. 

The moral of that story? No-one should be put off building a new home before a good chat with a reputable builder. 

Regarding values, Wanaka’s seen some exceptional growth for those who’ve invested in property over the years. Local landowner Jim Ledgerwood mentioned only recently how he bought a section in the 80’s on Wanaka’s Golden Mile, Beacon Point Road, with lake views and beautifully established specimen trees, all this for less than $100k. Similar sites today are selling in the vicinity of $2 million. 

At the time, some friendly locals suggested he’d paid too much. Jim suggests that you may have to pay good money now to secure premium land or property, but history attests that you may not regret the stretch you take now, with an eye on the future.