Classic Group director Peter Cooney says the first release of 10 house and land packages in the 271-home development, between Hanley’s Farm and Park Ridge, will hit the market later this month, with the first completed homes to be handed over next year.
The first stage of 50 homes will mainly consist of three- and four-bedroom homes, with a few three-plus-one home and income packages.
The first 10 builds — all three-bedroom, two-bathroom homes on sections ranging between 300sqm and 500sqm — will start from $1,095,000.
Cooney, who told Mountain Scene early last year he hoped there would be some house and land packages for less than $900,000, says that’s no longer possible given delays caused by "prolonged consenting processes" over the past three years.
The main issue’s the Resource Management Act, compounded by "layers of red tape" imposed by Queenstown’s council.
The result is significant holding costs and an inability to deliver homes at the price points it originally wanted to.
Construction costs have also increased by up to 40% since Covid, with "little relief, even in today’s market".
However, Classic’s offering house and land packages, rather than sections, because it delivers more affordable homes "rather than speculators driving up prices and first-homeowners missing out".
Interest in Woolbrae’s been strong, with a database of prospective buyers already established.
Priority will be given to prospective buyers who’ve pre-registered their interest, but the first 10 homes will be followed by a "steady rollout" of more, hesays.
The subdivision will be delivered in six stages over the next two to three years, with a mix of two-, three- and four-bedroom homes on sections ranging between 250sqm and 700sqm.
Unlike Park Ridge next door, it won’t have a covenant banning residential visitor accommodation, such as Airbnb.
The subdivision will initially be accessed through Hanley’s Farm’s internal roading, but a northern connection, either to Park Ridge or directly to the highway, will be developed as part of future stages, he says.
All infrastructure and roading work on the 14.5ha site is expected to be completed next month.
