Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Development To Revolutionise Property Buying

New Development To Revolutionise Property Buying

A new community development promises to revolutionise the way local people buy property – making property costs more transparent and prices more affordable.

The new Ravenswood Village, in North Canterbury, will be the first in New Zealand to offer property in a unique online auction process. The auction website (, which will set starting bids for new sections from $99,000 – considerably below any currently in the local market – will be launched on 7 June. There are no reserves other than the start bid. Purchasers will be able to reserve a section by placing an Option on a section before a one-day online auction of over 200 sections to be sold in one day on Sunday 29 June.

Ravenswood Developments Limited general manager Paul Croft says the driving force behind the new process is the rising cost of new property.

“We agree that costs have climbed too high. We have decided to do our best as a developer and only charge 10 percent over our cost to develop with no further reserves. We then have a massive auction of over 200 lots where the final prices are determined by the buyer. If there are no further bids then the section is sold at cost plus 10 percent,” says Paul Croft.

“We thought there must be a better way for people to understand the true cost of the property, and also decide what they want to pay for a new section.”

“We’ve also settled on a model of cost plus 10 percent to build a new home for buyers.”

Mr Croft says Ravenswood Developments Limited is introducing a new community concept into the market, based around village living.

“We are creating a community for young families and first home buyers, as well as people who are looking for a more affordable way to build a new home.”

“To do this successfully, we needed a process that will let more people have access to new sections and house and land packages, without paying beyond their means.”

“We want to create the best little village in New Zealand – at the best little prices.”

Mr Croft says the auction process will be easy to understand and completely transparent. “We will also provide complete support around it – with our expert team on hand to help buyers through every stage of the process, from selecting an ideal section, to working with a homebuilder, to arranging finance and insurance.”

“Our ultimate aim is to make a big decision like buying a property as simple as possible – and perhaps even fun – without having people go over what they can afford to get into a new home.”

For details on the auction, visit:


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news