Overwhelming demand for sections at a new master-planned residential community in the coastal Taranaki township of Hāwera has led its developers to bring forward the next stage of sites for sale by five months.
The new development, known as Longview, consists of what will eventually be a 250-section neighbourhood of variously sized sections being sold in multiple consecutive stages. The first set of section titles e are expected to be released in March 2022.
Located on the north-eastern fringe of Hāwera’s existing urban boundary, Longview is bordered by Turuturu Road and Turuturu Soccer Club – surrounded by mountain and rural views from various sites.
Some 42 sections within stage one of the Longview residential development were released to the market for sale in June – with sites ranging in size from 505-square metres up to 844-square metres, and purchase prices accordingly varying from an entry-level of $169,000 up to $244,000.
Of that initial stage, 37 sites have been sold – with the remaining five plots expected to be sold before the end of November. The land - with its views of Mt Taranaki on the horizon - is owned by Hāwera company Panda Developments, whose directors are long-time Hāwera locals Paul and Brenda Schrader.
Sections within stage one of Longview were marketed for sale through Bayleys Hāwera. Salesperson Greg Brunton said the unprecedented demand for sections in the local area –and the consequential high number of advance sales – meant the second sell-down phase of Longview was now being brought forward by five months to quench the red-hot market demand for sections.
Stage 1D at Longview will see a further 19 sections placed on the market for sale this month. As with stage one, sections will range in size from approximately 500-square metres to approximately 750-square metres. An open day showcasing both the new sections, along with those that have already sold, is being held on site on November 20.
“The market has clearly seen the attraction of affordable land in a newly created neighbourhood within South Taranaki,” Mr Brunton said.
"The price tags attached to the initial sections for sale in Longview stage one were calculated at market values based on sales data drawn from first two quarters of this year.
“The real estate market has continued to move upwards since then, and prices for sections in stage two have been set accordingly to reflect that movement – with the 500-square metres sites now being marketed for sale at $180,000 and the larger 700-square metre sites now being marketed for sale at $230,000.
“As the other stages consecutively open up at Longview in years to come, section prices will be reflective of upward price movements in the wider real estate market, combined with inflation. As seen in the difference between stages one and two, they will not be available at current pricing levels again.”
Multiple sections within Longview stage one were quickly snapped up by both nationally branded home-construction firms keen on building show homes, and Taranaki-based stand-alone builders looking to construct homes for on-selling on completion.
Mr Brunton said investors from across Taranaki and the Whanganui/Manawatu provinces were also a significant buyer dynamic purchasing sites in the first stage of Longview.
The land which will eventually house Longview is still being farmed – with the last crop of sileage expected to be cut in later November/early December. Panda Developments Ltd has engaged experienced development managers Veros, to deliver the project’s infrastructure – with utilities and roading landscaping work commencing shortly after the paddocks have been cut and harvested.
Veros Development Manager, Scott Bicknell says: “The pace at which sections within Longview’s first stage sold down has been overwhelming. While we knew demand would be strong, no-one envisaged the degree of buyer enquiry which has been experienced.”
“It’s highly encouraging to be commencing not only the first stage of a project on the due commencement date, but also to be able to dovetail the next stage of civil works simultaneously.
“The attraction of buying into a brand new suburb in which to build a new home, bring up the kids, live and work from home remotely, or retire in, has certainly appealed to a wide buyer demographic,” says Mr Bicknell.
Mr Brunton added that with the initial Longview sell-down precedent firmly established, Panda Developments, Veros, and Bayleys Hāwera were all confident that the second instalment would sell out in a relatively short timeframe too – potentially as soon as the end of summer 2022.
Latest sales data from the Real Estate Institute of New Zealand shows that in September this year, the median sales price for a property in the South Taranaki catchment was up 27 percent from the same month in 2020 – rising from $315,000 to $400,000 in just 12 months.
“The REINZ data shows the robust groundswell of demand for housing in the region, and is reflective of the strong sales volumes processed for Longview sections,” Mr Brunton said.
Located between New Plymouth to the north and Whanganui to the south, Hāwera township and its surrounding settlements have a population of approximately 10,300 residents according to 2018 Census data. The median age of a Hāwera resident in 2018 was 41.3-years.
On completion, Longview will see the creation of five streets – with a main avenue running through the middle of the development – with cycle and pedestrian links to the town centre, Mason Road, and Wybourne Road.