Consented for 580 sections, Silver Creek is spread over 33 hectares of formerly heavily-forested land, spanning eastwards from above Goldfield Heights to above Middleton Rd.
Of 65 confirmed sales to date, 45 have been in the entry-level Sycamore Grove neighbourhood, which was launched early this year.
Those sections — 19 of which sold through Bayleys Queenstown’s Jimmy Allen — were priced from just $530,000.
Sales and marketing manager Peter Bennetts attributes the pace of sales to both pricing and timing.
Compared with other local subdivisions, he points out Silver Creek has those archetypal Queenstown views of the Remarkables and Lake Whakatipu down towards Kingston.
"What I’m hearing from the people who are buying is they’re bearing in mind if they look to on-sell, the market is bigger than just the local market."
Essentially, he adds, there’s very little else for sale on this side of Queenstown Hill.
Co-developer Josh Moore says they’re able to offer sections in the low $500,000s "because it’s a bigger subdivision".
"If we were only building 100, then you have to kind of protect that price point a lot more."
Bennetts says they were also fortunate with their timing because other proposed subdivisions haven’t come on to the market, and existing ones like Hanley’s Farm are starting to run out.
Moore’s father and co-developer, Gavin Moore, says at least 85% of their buyers are locals with 60% prospective owner-operators and 40% investors.
About 20 buyers are builders, he adds.
Bennetts says Sycamore Grove buyers can’t resell and have to start building within four years of receiving title and then have two years to complete their build.
"We want to create community, we don’t want a whole bunch of bare land."
Silver Creek initially launched in 2022 with high-end sections in The Summit — 10 Stage 1 sections sold out and so have six of the nine in stage 2, with the balance priced from $900,000.
Stage 3 has 15 unit-capable sections from $1.2million, and Upper Summit has four out of eight lifestyle blocks left, priced from $1.8m.
Another neighbourhood, Creekside, includes Silver Creek’s first home-and-land packages — four have sold with five remaining from $2.4m.
Also just released are 19 initial Creekside sections, from $590,000.
Gavin says they’re looking to increase their allowable titles — 580 — to build one-bed workers’ accommodation.
His vision is for Silver Creek to accommodate the whole gamut of sections, from $500,000 up to $5m.
Meanwhile, the developers are spending about $30m on developing two-thirds of their subdivision.
