Houses are still being built around Wanaka and prices are holding well, developers and real estate agents say.
At Riverside Park this week Golden Homes is constructing the first of seven show homes at the Infinity Group Ltd development near Albert Town.
The single-storeyed house is expected to be finished by March, and a second show home will be built later this year.
Five other companies are planning to build show homes at Riverside.
Infinity Group chief executive Bob Robertson said in a media release yesterday the first house marked a significant milestone for the 242-lot subdivision.
The developer released 58 titles earlier this year, selling 32 for $6.3 million in November last year.
The company expects to release another 40 titles at the end of this year or early next year.
Mr Robertson said the project was going according to schedule and sales remained steady.
Golden Homes principal Pavlos van Aalst said the local market for new homes remained strong and there was steady demand for them in affordable locations.
His company also finished a show home in Cromwell recently.
Reported Real Estate Institute figures for August in Central Otago, Queenstown and Wanaka have noted median sale prices for residential properties were still rising, but the time taking to sell was increasing.
Harcourts agent Phil Gilchrist said yesterday he believed the market was stable in terms of price, which was not the case in Auckland.
There had been some instances where vendors had had to adjust their expectations, but people would be mistaken in thinking they could pick up something for nothing, Mr Gilchrist said.
The number of mortgagee sales remains low in Wanaka compared to other centres, with only two conducted recently.
