Welcome to this week’s property report.
We had plenty of snow arrive on the hills this week which felt somewhat bizarre as Christmas is only a month away!
This week I was asked what I thought the market was doing…. Has is slowed down? And if so by how much?
My feedback was as follows…. We are finding the market still buoyant – 3 months ago we did see some very high numbers being posted, which was quite possibly due to lack of quality stock and subsequent demand may have then inflated those prices somewhat. For example in September at Ray White Wanaka we saw properties sell for an average of 26% above GV. From June to October that average was 18.7%, with October registering 13.25%.
We had five auctions last week – three selling under the hammer and a fourth receiving five offers over the weekend and has now subsequently sold. Those four properties averaged 15.75% above GV.
We have a further five auctions set for next Tuesday so I will report back on those trends next week. We are fortunate to live and play in a stunning resort town that is in demand – I am personally currently working with 21 active buyers who are realistically looking at property in Wanaka so buyer demand is definitely there.
This week was all about land, first property we looked at was…
A quiet listing at 37 Albert Town-Lake Hawea Highway is next. This is an interesting property, Rural Zoned Land so close to town with plenty of scope with a house and significant storage space.
Last up was Lots 1,5,6 Cemetery Road
(3 x 4000sqm sections); the first sections of a new development on Cemetery Road, Lake Hawea, lots of land with great mountain views. If you were wanting space, then these could be ideal.
If you see anything of interest, let me know.
Have a great weekend,