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Record Year for Millbrook Property

Record year for Millbrook property

Millbrook Resort property sales have reached a record $64 million in the financial year to 30 September 2017, up almost $20 million on a previous record set in 2016.

The key driver has been growth in the value of properties, including both resales and new home and land packages, reflecting both the ongoing demand for the outstanding benefits of the Millbrook lifestyle and wider market trends.

Ben O’Malley, Millbrook Resort’s Director of Property and Development said: “While the Queenstown residential housing market in general is experiencing growth, we are seeing above-market growth in the value of property at Millbrook as more and more people seek to either buy property here for the first time or move up to a different property within Millbrook having experienced the benefits of living at the resort.”

Of the property sales that delivered the record FY17 result, 56% were resales and 82% of the new sales transactions were for home and land packages.

“Currently we are seeing a definite trend in buyers’ preference for completed homes, as opposed to purchasers buying a section and designing/building their Millbrook home themselves. Certainty over build costs and completion dates at a time when demand for builders and other trades exceeds supply is a key driver of this.

“It’s also clear that the design consistency and outstanding landscape amenity at Millbrook, the rural setting without the hassle of maintaining a rural block, proximity to the airport, town and tourist attractions, access to the resort’s numerous world-class facilities and security are major drawcards for people wanting either a home away from home or a permanent home base here,” said Mr O’Malley.

Millbrook property owners have access to all of the facilities at Millbrook Resort, including 27 championship golf holes, a day spa, four onsite restaurants, a health and fitness centre, and a Members-only Country Club.

Of the properties sold over the past year, 88% were sold to New Zealanders with the majority originating from the Auckland area. Buyers also came from nearby Dunedin and Christchurch, as well as Queenstown.

“The Queenstown region has something for everyone and is an attractive destination year-round, with skiing in winter, water sports in summer, great hiking and biking trails to explore in spring and autumn and spectacular seasonal landscapes. Together with the added benefits of the unique Millbrook lifestyle, we foresee strong ongoing demand for our properties,” said Mr O’Malley.

Millbrook is nearing completion of the last home (currently for sale) in its popular six-home Mica Ridge development while simultaneously completing its latest show-home in the recently released four-home Harvest Lane neighbourhood (two of these stunning homes are already sold). The show-home, which is expected to be furnished and ready for viewing by the end of November, features the latest in architectural design and stunning interior design including elements such as rich vaulted timber ceilings, alluring sun-room and an outdoor loggia complete with fire, built in BBQ and louvered roof.

Further releases of both ‘Home & Section’ packages and vacant sections are in the pipeline and will be released throughout 2018.

“These will help meet ongoing demand without compromising the exclusivity and aspirational lifestyle Millbrook is renowned for,” said Mr O’Malley.

In addition, there are several existing properties available for re-sale, all of which are available through Millbrook Realty Limited. To view the properties currently available at Millbrook, visit millbrook.co.nz/real-estate.


ENDS


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