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A Market Economics Ltd report commissioned by Silver light Studios found demand for housing and median house prices could increase in the short term, if the $280million proposal goes ahead.
The report is to be reviewed by lawyer Matthew Allan, who has an October 20 deadline to advise a consenting panel led by Auckland resource consent specialist Heather Ash.
Mr Allan has also been asked to review comments about housing lodged by the Mt Barker Residents’ Association, the Luggate Community Association, Wanaka resident Steve Grieve and the Roberts Family Trust.
Mr Allan needs to address whether the impact on the availability of accommodation and the potential increase in housing prices and rents are matters the panel must con sider when making its decision.
The housing report was pre pared for Silverlight Studios by Wanaka resource management specialist Natalie Hampson. Mrs Hampton said a big work force of up to 1200 could create a short- to medium-term increase in competition for housing.
This ‘‘may be expected to put upward pressure on rental, dwelling and section prices’’, but pressure would be alleviated by providing on-site accommodation of about 250 apartments (314 bedrooms), she said.
Wanaka’s median house prices and average weekly rents (about $527) were ‘‘among the highest in the country’’, she said.
‘‘Housing affordability is a key issue for the district, and with house prices and building costs expected to rise faster than average incomes, affordability is expected to worsen over the long term.
‘‘Importantly though, the effect of Silverlight Studio on the housing market is likely to be short term, with the market expected to reach an equilibrium [adjust to meet the demand] over the medium term.
‘‘Any upward pressure on prices attributable to Silverlight Studios is not expected to endure. Once the early work force is accommodated, then normal churn of housing stock and rental properties can be expected,’’ Mrs Hampson said.
Wanaka’s median house price in August had risen to $1.1million, according to a Real Estate Industry of New Zealand recent report last month.