New attractions boost property prices

Tailor-Made Backpackers in Lake Tekapo. Photo supplied.
Tailor-Made Backpackers in Lake Tekapo. Photo supplied.

New tourist attractions in the Mackenzie district and a rising population are behind a steady increase in property prices, Bayleys Realty Group says.

This summer will be the first full year for the Alps 2 Ocean Cycle Trail, and next month the world's largest inflatable water slide will open at Tekapo Springs.

Bayleys Canterbury business broker Kate Mullins said the increasing popularity of the area was one reason behind the ''steadily increasing'' commercial property prices in the area.

She said the opening of two new attractions in the district was being seen by one long-time tourism operator as the ideal time to sell up and retire after 21 years of running the 16-bedroom Tailor-Made Tekapo Backpackers Lodge, which would be sold by deadline sale on November 7 if not sold prior.

The backpackers was owned by Wilma van den Bosch and Michael Midgley, who felt it was the perfect time for them to exit the business and ''leave something in the pot'' for a new owner to take advantage of, she said.

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