Ongoing population and tourism growth in the Southern Lakes is having a positive flow-on effect for Wanaka and its surrounding areas including Albert Town, Lake Hawea, Hawea Flat, Luggate and Queensberry.
High demand and a lack of stock characterises the residential property market, and is driving strong construction growth.
Significant shortages are particularly apparent in the low to mid-value price bracket, and in residential rental properties such as quality family homes.
Many potential home buyers are opting to build, with the added appeal of gaining a customised home. This has yielded a significant rise in section sales, many being signed up on release prior to development and title being issued. Spec building is also occurring in Wanaka and Albert Town.
Strong residential sales across all sectors reflect the current conditions. Entry/lower value range property sales, particularly at auction, have shown a clear increase in value throughout the year and are highly sought after.
The upper value range sector of the market is equally strong – a prime residential site sold for $1.85m in April 2015 – while the investment market has a strong appetite for well- located properties with longer lease terms.
Purchasers are locals as well as domestic buyers from across New Zealand. Some are following Wanaka’s traditional course and securing properties as holiday homes, but increasingly many are looking to relocate permanently for lifestyle or retirement. The retirement village sector in Wanaka has also seen significant growth over recent years.
Contact us at our Colliers International Wanaka Valuation & Advisory office for further details.