Weekly Report

By Mitch Campbell on August 12, 2018

Welcome to this week’s property report.

There’s plenty on the go this week, including release of the OCR, a rental market update, auction results and a beautiful section selling.

First up is the news the Official Cash Rate (OCR) remains at 1.75 percent, with the expectations that it will remain at this level through 2019 and possibly even into 2020. This is great news for buyers but also for clients who have sections that are beginning to be titled now.

This week we had Colleen Topping from Home & Co, a leading property rental company based here in Wanaka present to our team. A few noteworthy statistics from her talk included:

2 bedroom homes increased 1.27% in the last 12 months for rental returns
3 bedroom homes increased 12.24% in the last 12 months for rental returns
4 bedroom homes increased 8.47% in the last 12 months for rental returns

Median weekly rental prices for the month of May 2018 are as follows:

2 bedroom – $580
3 bedroom – $640
4 bedroom – $690

It’s been a busy day in the auction room today, with 3 auctions taking place.

First up was a real gem of a holiday crib placed of the top of the hill at 25 Matai Road, this sold under the hammer for $1,155,000

Next up with a family home in Lake Hawea at 3 Ryalls Way, plenty of action on this one, selling for $880,000.

The final property was a section at 7 Jessies Crescent, Meadowstone, a hop skip and a jump to the lake and town, perfect location to build your holiday home – this was passed in, if there is interest please let me know.

We also visited two news sections this week:

15 Forest Heights is a corner section which will enable some great views of the lake and mountain vista.
14 Kereru Crescent also offers lake views, 5.5m build height, lots to like on this section and priced well.

If you have any questions on the properties please let me know.

Finally I was able to confirm the sale of the stunning 28 Penrith Park Drive late last night, a great result for my vendors but also a new start for the buyers to build something really special on this elevated site. Congratulations guys!

I have my sister arriving with her family (5 of them!) next week for a week of skiing – carnage will know doubt follow with 5 kids in the house, but plenty of fun to be had as we show them around this beautiful town. I’m sure that some late night games of cards will be on the table too!

Have a great weekend

Mitch