In the 12 months ending January, there was a record $93 million in Millbrook Realty-brokered sales.
That represents 20 transactions at an average of $4.648m, including sections and homes.
New developments accounted for $33m of sales and the other $60 came from re-sales.
Property & development director Ben O’Malley comments: ‘‘On the construction side over the years we’ve completed 310 properties.
‘‘There are 10 being built now with a combined construction cost of around $40m and there are only 14 empty sections left.
‘‘There are other house-and-land developments in the pipeline, including adjacent to Coronet No.1, but it’s fair to say we’re getting near the end of building new properties.
‘‘With a finite supply available, that’s where the value growth really ramps up for owners.’’
O’Malley notes there was a lull in property after the last election, but says confidence in the high-end market’s now strong.
Anecdotally, he suggests that’s being driven by the imminent lifting, from next Friday, of foreign buyer restrictions on $5m-plus properties for Active Investor Plus visa-holders.
Millbrook’s latest property offering is a collection of four Mason & Wales architecturally-designed homes in the Grand Terrace enclave called The Tui’s.
They’re 275 square metre three-bedroom homes packed with high-end features.
‘‘We sold two of these off the plans to Kiwis looking to invest here and a third is under contract to an Australian buyer, with the fitted-out showhome still available for prospective buyers,’’ O’Malley says.
‘‘Elsewhere there’s only a handful of sections available in the Mill Farm development, while bespoke Fairway homes are being marketed for up to the $17m mark.’’
Meanwhile, a key part of Millbrook’s hotel accommodation stock, its premium villas, have been refurbished at a cost of $17m over the past two and a-half years.
That investment has helped contribute to the resort notching a record $2m-plus in hotel revenue on the books for this February/March period.
Investment in the second 18-hole course also saw the number of rounds played by members and guests lift to 42,000 in the 12 months to last September.
There’s also been $1.2m spent on the health and fitness centre, including all-new Technogym equipment.
O’Malley says the 270-hectare resort, next to Arrowtown, also grows in popularity from being amidst an extensive network of biking and walking trails.
