Mosgiel buyers snap up sections

Mosgiel buyers seeking sections to build on appear to have made their move, with locals accounting for the majority of more than $5 million in sales at the HeathField subdivision.

Willowridge Developments, headed by developer Allan Dippie, confirmed yesterday it had concluded sales and purchase agreements with buyers for 43 of the 45 sections, with sales worth $5.58 million.

The news came after a gala opening day at the subdivision yesterday, by which time purchase agreements were to be confirmed, weeks after potential buyers signed non-binding "options" on 40 of the 45 sections.

Willowridge sales and marketing director Tony Brown said the majority of sections had been sold to Mosgiel buyers, and all but four to those who had taken out first options on the sections earlier this month.

He believed Mosgiel buyers had decided to "make a move" after "sitting on their hands for some time" waiting for a suitable section.

"We were surprised how strong that market was. It makes you realise if the product was priced correctly there's a lot of new optimism in the market.

"It really does show there's a real turn in the market ... "

The subdivision's first 45 lots had been planned over two stages, but initial interest in the first 21 lots prompted Mr Dippie - together with brother Martin - to launch stage two ahead of schedule earlier this month.

A third stage was also planned, but not for some time and would be "quite different", Mr Brown said.

"They'll be larger sites and probably a different price structure."

Construction of the subdivision's earthworks, roading, kerbing and channelling was expected to begin next month, and work on the first homes by early next year.

- chris.morris@odt.co.nz

 

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