New REINZ District To Be Created In New Year

Monday, 20 December 2004, 1:57 pm
Press Release: Real Estate Institute Of New Zealand

20 December 2004

A thriving Central Otago real estate market has lead to the creation of a twelfth Real Estate Institute New Zealand (REINZ) District to be known as the Central Otago Lakes District.

“Up until now this important and growing District had been part of REINZ’s existing Otago and Southland Districts. However, a thriving real estate market, generated partly by the booming wine industry and the growth of tourism in the area has seen significant growth in Central Otago. So much so, that the need for this new District was inevitable,” said REINZ National President Howard Morley.

“Real estate prices and the number of real estate transactions have increased dramatically over recent years and Central Otago is very much an investment destination for capital from both expatriate New Zealanders and investors and lifestylers from all over New Zealand.”

The new District stretches from Kingston to Roxburgh (both inclusive in the District’s designated area) and includes Queenstown, Wanaka, Arrowtown, Cromwell, Alexandra and Clyde. Its boundaries have combined areas previously covered by either the Otago or Southland District Committees and the area will become a separate reporting entity for the purposes of national statistics.

“There was considerable enthusiasm from REINZ members in the area for their own District and the buoyant Queenstown and Wanaka markets meant that it is now time to create a stand alone District.”

There are 11 other REINZ Districts: Northland, Auckland, Waikato/BOP/Gisborne, Taranaki, Hawkes Bay, Manawatu/Wanganui, Wellington, Nelson, Canterbury/Westland, Otago and Southland. The Central Otago Lakes District will bring the number to 12.

A District President and District Committee are yet to be elected. The District President will be responsible for leading the District Committee and help organise training seminars and discussion groups for members to help promote real estate activity in the district.

REINZ is the industry association for real estate agents and salespersons who are involved in all aspects or residential, commercial, industrial, rural and business real estate sales, and property management and property advisory services. The Institute also acts on behalf of and in the interests of a wider constituency, the New Zealand homebuyer and seller for the public good.

ENDS

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