Eighteen sections in Wanaka's Meadowstone subdivision sell in a month. Photo by Mark Price.
A month ago Willowridge sales manager Tony Brown pegged out
18 new sections in the company's Meadowstone subdivision, in
By 11am on Sunday he had signatures on 18 unconditional
contracts - worth a total of more than $5 million.
The sections each had a price tag of $249,000 and Mr Brown
said he had expected to spend a year selling them.
''All of a sudden the phone went mad and everyone wanted
them,'' he told the Otago Daily Times yesterday.
Mr Brown said there were ''quite a few builders'' looking for
''When the builders start building 'spec' homes again, the
He said it was a ''long, long time'' since he had seen such a
demand for sections.
''Normally January is pretty quiet. People are looking in
January. They don't really make a decision until
''This year over the holiday break, people are out there
actually buying, going unconditional and making decisions.''
Asked about the possible effect of the impending rise in
interest rates, Mr Brown said he did not think it was a
''Some of these people have been putting things off for so
''All of a sudden they are actually feeling good about the
climate ... They are feeling quite positive about what's
happening out there and saying, `well why put it off any
He considered even with a rise, interest rates would still be
quite low compared with the years when they went to 20% or
The company had now ''released'' the next stage of the
subdivision which consisted of 11 larger sections, two of
which had sold. A high level of buyer interest was also
reported by Infinity Investment Group which recently began
marketing its yet-to-be-built, 44-apartment complex in
Lakeside Rd, overlooking Roys Bay, at prices between $995,000
and $1.7 million.
Infinity communications manager Hetty Van Hale said yesterday
options had been taken out on all but seven of the
Those who had signed up for a $1000 refundable option had
until March 1 to ''complete or opt out''.
However, Ms Van Hale said the company had a waiting list for
options on some apartments.
''There's definitely a lot of interest in properties around
''The interest in this has taken us by surprise.
''There has been unprecedented demand, I think.''