Welcome to this weeks property report.
Plenty on the go this week with the announcement of the new OCR rate, news about the proposed plans for Wanaka Airport filtering through and five auctions on Friday.
This morning I arranged for a leading Interest Rate Analyst, Phil Townsend from BNZ, to come and speak to our Ray White team. Timing was quiet apt with the OCR tweaks announced earlier in the week by the Reserve Bank. With a drop of 25 basis points, Phil suggested the Reserve Bank will look to fuel business and consumer confidence for the foreseeable future. Because we have seen further interest rate cuts which could look to be in place for the next 3-4 years, the BNZ team are actively having conversations with their clients to look at locking in rates for the next four to five years.
If you missed the news recently, Wanaka Airport has finally released plans in regards to future use…
QAC released a statement saying “we are planning to develop a regional airport at Wanaka that will support scheduled domestic services using turbo-prop (Q300 and ATR) and narrow-body jet (A320/21 and B737) aircraft beginning with about a handful of such services and for several years thereafter.”
QAC went on to state; “We are not planning to accommodate wide-body aircraft or a large international airport at Wanaka Airport.”
There has been plenty of local chat about this both positive and negative, with some very vocal residents voicing their concerns. A recent article can be found here… https://thewanakasun.co.nz/news/8823-airport-details-finally-revealed.html
The results from auctions today:
103 Upton Street was first up, buying 1000sqm right in town. The developers were all over this as it has the ability to be cut down to 250sqm lots. Plenty of bidding on this one selling under the hammer for $1.55M.
35 Bills Way was up next a nicely renovated home in Rippon Lea. This sold for $1.008M
85 Warren Street is another large section in town, slightly more elevated than the Upton Street property. This sold straight after the Auction for $1.65M
7 Mill End was next and this was passed in.
9 Mount Iron Drive rounded out the auctions today. An entry level family home selling for $800,000.
Our build is flying along too. We were originally set to be in by October, this will now be August so plenty of excitement at our place. Here is the link with some photos on my website https://mitchcampbellrw.co.nz/build-update-nine/
. If you have any questions in regards to joinery, electrical, whiteware, landscaping, sound systems, plants, carpets, wooden floors, lighting, swimming pools etc please ask away! My wife and I are knee deep confirming everything at present and I am happy to share our experiences on what has worked for us.
With the Capital Gains Tax now dead in the water, interest rates at an all time low a holiday home and or rental investment in Wanaka becomes very appealing. If you have any questions or property you are interested in, please ask away.
Have a great week.