Market Report

EARLY SPRING 2019

What’s happening in our market?

House sales are up from this time last year, with 40 sales achieved year-to-date compared with 35 in 2018. New listings remain tight and buyer inquiry is high under $1million making now a great time to sell!
We see this trend continuing into the coming spring, so if you are contemplating selling, there is never a better time to sell.
The YTD average sale price (end of July) sits at $1,087,500, up by 2.3% from this time last year. A surprising result considering pundits predicted a drop in sale prices this year. Whilst demand exceeds supply, prices will remain high and with Arrowtown being such a small market it is unlikely to change in the near future.
Enjoy the upcoming months of spring.

Living the Dream

Although stock levels are lower than normal, the rural lifestyle sector continues to tick over with some significant sales over the previous three months. As expected, most of the buyers have come from New Zealand and Australia. So let’s look at individual areas a little more closely…

Bendemeer

An elevated gated estate of 43 sections to the East of Lake Hayes featuring a farm style layout with panoramic views from most properties. There are 2 sites currently available between $1.2-$1.4m, with the average size approximately 6,000- 10,000 square metres. 3 section sales were recorded for the past three months ranging from $1.3m – $1.65m.

Lower Shotover

The Hawthorn estate bordered by Lower Shotover Road; Domain Road and Speargrass Flats Road is extremely popular with lifestyle buyers. Consisting of 32 sections, most of which are relatively flat, feature northern views to Coronet Peak and enjoy substantial sunshine hours. There is currently one section for sale around the $1.5m mark. Established homes are in high demand given the current cost of building and the timeframe required to complete a home.
Of particular note, there were 3 sales recorded in Domain Road over the past three months ranging from $1.95m to just over $8m.

Millbrook

The award-winning Millbrook resort has been established over 27 years and with the completion of the additional new Dalgleish Farm nine, will offer 36 holes of World Class golf. There are approximately 400 properties on the estate. There is a selection of sections available priced between $1.15 – $2 million, some brand new house/land options and a handful of established homes available between $2.5 – $4 million. There were two established homes sold recently with sale prices between $3.25m – $4.8m.

Other areas

Speargrass Flat Road has always been an attractive destination with its close proximity to all that Arrowtown offers. Properties are tightly held and there was only one recent sale recorded just over $3.6m which was brokered by Ray White Arrowtown in conjunction with another agency.
Quail Rise is proving appealing to buyers with 4 sales recorded for the previous three months with sale prices ranging from $1.15m – $1.57m. It’s popularity is not surprising given the close proximity to the new shopping centre at Five Mile. Just around the corner, there were 2 large sections sold on Tucker Beach Road between $1.6m – $2.5m. These outstanding premium sites are situated high on the hillside with amazing views over the Shotover River to Coronet Peak and across to Cardrona.

Barry Litten – Licensee Agent/Auctioneer