Wanaka will weather storm: Dippie

Central Otago property developer Allan Dippie says Wanaka is insulated from the worst problems of the international credit crunch and national recession.

The same sentiment has been expressed by many of Wanaka's real estate agents and other property developers since the global financial meltdown began about six months ago.

Mr Dippie said he was excited by the launch of West Meadows - his latest Wanaka development - which goes on sale on Saturday.

Despite the forecasts of financial gloom and reports of a slumping New Zealand property market, people still wanted to live in Wanaka, he said.

Ross Rainsford, Central Otago's spokesman for the Real Estate Institute of New Zealand, said "cashed up" buyers in the Wanaka market were in a good position.

West Meadows is the third major development Mr Dippie's property development company, Willowridge Ltd, has created in the Upper Clutha.

At West Meadows, 31 sections will be available priced from $235,000 to $285,000.

The new subdivision is located west of Cardrona Valley Rd, near BaseCamp, the former indoor climbing facility, which Mr Dippie bought in August.

Mr Dippie's property development company, Willowridge, was established in 1993 to develop Meadowstone, which has become Wanaka's largest suburb.

The company has brought more than 600 sections on to the market in the 15 years since its creation.

He did not plan to market his latest sections outside Otago and Southland, apart from advertising via the Willowridge website.

Ensuring developments continued, despite the current downturn, was important for Wanaka, he said.

"It's important to keep Wanaka's construction industry vibrant. We have built up a huge resource of builders and tradespeople, and it is important to keep them committed to the area," he said.

Construction was Wanaka's second most important industry behind tourism, he said.

Property developers had two choices when faced with news of an economic downturn, he said.

"You can either sit on your hands and do nothing, or one can look at the market carefully, see what is missing, and move to fill that gap."

Besides building the 390-lot Meadowstone during the past 15 years, Willowridge has started other significant projects around Wanaka.

The property development company completed work on Stage 1 of its Timsfield residential subdivision Lake Hawea last year.

Only nine of the original 96 sections remain unsold. About 24 homes in Timsfield have either been built, or started construction, in the past 11 months.

A "first of its kind" affordable-homes scheme applies to first-time house buyers at Timsfield. Up to 460 sections are planned for the Lake Hawea suburb, once completed.

A release of a further 20 sections at Timsfield was planned for stage 2 of the development, next year, Mr Dippie said.

Willowridge is also awaiting the outcome of proposed Queenstown Lakes District Council plan change, which would allow it to proceed with plans for the Three Parks subdivision - a 156-section residential, commercial and business development.

Three Parks would occupy 121ha south of State Highway 84 on the main road into Wanaka, behind tourist attraction Puzzling World.

Willowridge has also developed subdivisions at Clyde and Cromwell, but Wanaka remained its primary marketplace and development site, Mr Dippie said.

 

Add a Comment

 

Advertisement

OUTSTREAM