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Sales Indicate Property Market Strengthening

Media release for immediate use 17 November 2009

SALES AT WAIKAKARIKI INDICATE PROPERTY MARKET STRENGTHENING

Ngāi Tahu Property’s residential subdivision at Waikakariki, on Horseshoe Lake Road in Shirley, is bucking national property trends having sold 20 of the 22 lots available.

Mike Davison, Ngāi Tahu Property Assistant Development Manager, says sales have picked up dramatically in the last three months.

“There is a shortage of developed sections in the market, particularly in the Eastern suburbs and close to town,” he says. “Waikakariki is under ten minutes drive from town and is close to many popular sporting, leisure, shopping and entertainment facilities.

“The fact that we have sold 20 out of 22 lots suggests there is growing confidence in the property market and we expect this to continue. The project at Waikakariki is a good test case for our larger residential projects in Lincoln and Wigram, so prospects look promising for these.”

Waikākāriki refers to the lush green waters of Horseshoe Lake, originally home to the Ngāi Tahu settlement of Te Oranga. The new sub-division will feature a fully native planting scheme including Kowhai, Marbleleaf, and Cabbage Trees.

A prestigious stone and steel wall entrance incorporating original Ngāi Tahu artworks will further enhance its aesthetic appeal.

Mike Davison says a wide range of people have taken advantage of this unique opportunity to build the house they want in such a stunning location.

“It is often the case with larger sub-divisions that builders buy the sections and sell them as house and land packages,” he says. “In this case it is couples and families who are taking advantage of this opportunity.

“This development has provided buyers with an excellent opportunity to have their home built to their own specifications. Its close proximity to Bottle Lake and Horseshoe Lake Reserveʼs excellent walkways and picnic areas is particularly appealing to families and retired couples.”

Construction is well underway at Waikakariki and should be finished by mid- December.


ENDS

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